Mutual Will
Categories: Trusts and Estates
Sharing is caring. And for married couples, one of many things they might share...is a will.
When two people share one will, it’s called a “mutual will,” and it basically says that if one spouse dies, the other is still legally bound by the terms of the document.
For example, let’s say our elderly friend Boris has recently married a sweet young thing named Natasha. Boris has amassed quite a bit of wealth over the years, and when he passes on, he’d like his kids from his first marriage to inherit all of his money and various properties and vacation villas. If he and Natasha establish a mutual will saying his kids get the goods, then Natasha is bound by that will after Boris dies, even if she remarries later on.
