What are the Different Types of Wills?
A Will, as it is generally understood, is a legal document prepared by a person setting out the manner in which they would like their Estate distributed upon their passing. In the absence of a Will difficulties can arise as to the distribution of the Estate particularly where there are competing interests of potential beneficiaries.
A Will is a relatively simple document to have prepared. It will set out the way you want your Estate distributed after your death. The most common Wills are prepared for a husband and wife which provide for all assets to be passed from one spouse to the other and then to the children on the passing of both spouses.
Alternatively, a Will can be a very complicated document if dealing with family businesses, trusts and the like.
A mutual Will is an agreement, evidenced in writing, between two persons, usually husband and wife, where each agree to make a mutual or reciprocal Will. The agreement invariably provides that each party will leave their Estate to the other on the condition that neither party will revoke or change their Will without the permission of the other.
It is a fundamental principle that a person may revoke his or her Will at any time. However, mutual Wills, by virtue of the agreement reached, will resolve a person’s concern about protecting their children’s inheritance in the event they die before their spouse by preventing the surviving spouse from altering their Will.
A common fear held by a person can be that if they do pass leaving their assets to their spouse that their spouse will remarry and thereafter make a new Will which may nominate his or her new partner as a beneficiary and thereby diminishing the Estate for the benefit of the children. It is in situations such as these that a mutual Will can help protect the interests of the intended beneficiaries.
Brydens Lawyers are experts in relation to all Will and Estate matters. Whether it be the preparation of a simple or complicated Will or alternatively, seeking advice in connection with a possible claim against an Estate, contact Brydens Lawyers without delay on 1800 848 848 or at brydens.com.au. At Brydens Lawyers – #WE DO Wills and Estate matters.