A mutual will agreement is a legal document that outlines the wishes of two people, usually spouses, about the distribution of their assets after they pass away. It is a binding agreement that cannot be changed without the consent of both parties during their lifetime.
If you and your spouse are considering a mutual will agreement, it is essential to have a sample agreement as a guide to ensure that the document reflects your intentions accurately. In this article, we will discuss the essential elements of a mutual will agreement and provide a sample agreement that you can use as a template.
Essential Elements of a Mutual Will Agreement
A mutual will agreement should be a comprehensive document that covers all the assets that the couple owns and the beneficiaries who will inherit them. The following are the essential elements of a mutual will agreement:
Identifying Information: The agreement should include the full names, addresses, and contact information of both parties.
Property and Assets: The agreement should list all the property and assets that the couple owns, including real estate, bank accounts, investments, personal property, and other assets.
Beneficiaries: The agreement should specify who will inherit the assets after the couple passes away. This can include children, grandchildren, relatives, charities, or other beneficiaries.
Distribution of Assets: The agreement should detail how the assets will be distributed and under what circumstances. For example, the agreement can state that the assets will be divided equally among the children or that one child will inherit a specific property.
Contingencies: The agreement should include contingencies for unforeseen events such as the death of a beneficiary or the divorce of one party.
Revocation: The agreement should state under what circumstances the agreement can be revoked or amended. This can include the consent of both parties or the death of one party.
Sample Mutual Will Agreement
Here is a sample mutual will agreement that you can use as a template:
Mutual Will Agreement
This Mutual Will Agreement (“Agreement”) is made on [date] between [name] and [name] (“Parties”).
Identification of Parties
The Parties are husband and wife and reside at [address], [city], [state], [zip code].
Property and Assets
The Parties jointly own the following property and assets:
– [List all real estate, bank accounts, investments, personal property, and other assets owned jointly by the Parties]
Beneficiaries
The Parties agree to leave their assets to the following beneficiaries:
– [List all children, grandchildren, relatives, charities, or other beneficiaries who will inherit the assets]
Distribution of Assets
The Parties agree that their assets will be distributed as follows:
– [Specify how the assets will be divided among the beneficiaries]
Contingencies
The Parties agree to the following contingencies:
– If any beneficiary predeceases the Parties, the assets intended for that beneficiary will be distributed to the surviving beneficiaries equally.
– If one of the Parties dies before the other, the surviving Party will inherit all the assets.
Revocation
This Agreement can only be revoked or amended by the consent of both Parties during their lifetime.
Conclusion
A mutual will agreement is a powerful tool to ensure that your assets are distributed according to your wishes after you pass away. It is essential to have a comprehensive agreement that covers all your assets and beneficiaries. By using the sample mutual will agreement as a guide, you can create a legal document that accurately reflects your intentions. It is recommended to consult with a legal professional to ensure that the agreement complies with the laws in your state.
