Advocate M. Sameer Husaain has bachelor degree of commerce (B.Com) and master of Commerce (M.Com) de... Read More
What is a mutual will?
<span style="color: rgb(0, 0, 0); font-family: Arial; font-size: 13px; line-height: normal; white-space: pre-wrap;">What is a mutual will?</span><br>
- Sector-1, Noida
Mutual wills (where they exist) are usually made by spouses or civil partners (although any two or more people can choose to make mutual wills) in a second marriage where one partner wishes to ensure that children from a previous relationship or marriage are protected. Trusts are the better option in this case. The problem with mutual wills arises from their inflexibility. Mutual wills are a rigid, legally binding, contractual arrangement between two or more testators (those people making the will). They are legally committed in each of their separate wills to dispose of their respective property in an exactly identical way, giving the nominated beneficiaries reciprocal benefits and inheritance, with penalties imposed if they ever change their mind or don't go through with those arrangements.
Answered on 28 Sep 2018
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