When you and your spouse marry, you may intertwine all aspects of your life, from a last name to bank accounts. As such, you may find that it makes sense for you to create one estate plan. Though you may have every intention of creating a joint will, you’ll want to keep reading to learn what Florida law says about this option. Keep reading to learn more about this kind of will and why it’s critical to connect with a Pasco County, FL wills & trusts lawyer.
What Is a Joint Will?
A joint will is a type of estate planning document in which two people, traditionally a married couple, create one will together. Essentially, each spouse leaves their assets to the other, so the surviving spouse inherits the entirety of the other estate. The couple then chooses beneficiaries to leave their assets to upon the passing of the surviving spouse. Additionally, this document cannot be altered without the consent of both parties. As such, if one spouse passes away, the document essentially becomes irrevocable, meaning the surviving spouse cannot make changes to the assets in the will or who the beneficiaries are.
Does Florida Honor These?
It’s important to understand that joint wills are not honored in Florida. As such, if you create a joint will with your spouse, it will not be recognized by the court. This is because the state only honors wills created by one individual.
However, there are still estate planning options if you and your spouse have similar wishes regarding the distribution of your estates upon your passing. One option is to create a Mutual Will Agreement (MWA). This is a contract between the spouses that essentially ties two independent wills together. Upon the death of one spouse, the will of the other will become irrevocable.
Another option is to create a mirror will, which are two independent wills that have the same terms and conditions. As such, they essentially “mirror” or reflect each other. This is similar to an MWA, with one of the main differences being that there are no provisions regarding changing the will upon the passing of one spouse.
What Should I Do if I Want to Plan My Estate?
If you’re ready to plan your estate but you’re unsure which option is right for your needs, it’s in your best interest to connect with an experienced estate planning attorney. Not only can they help you determine what kind of will is right for your needs, but they can help you establish this document to ensure your wishes are met. Unfortunately, if you try to navigate this process on your own, you’ll find that it can result in your will being deemed invalid and leaving your assets and beneficiaries vulnerable.
As such, it is imperative to connect with an experienced estate planning attorney from the Law Offices of Matthew J. Jowanna to determine the best course of action for your needs. Our team understands how complex the process of planning an estate can be, which is why we are committed to doing everything possible to help you achieve peace of mind knowing that your estate and beneficiaries will be cared for after your passing. Connect with us today to learn how we can help you.