Mutual Wills
Wills with a binding agreement that neither partner will change their will after the first death. Provides certainty but limits flexibility.
Mutual wills involve a legal agreement between two people (usually spouses) that they will not change their wills after one dies. This creates a binding contract.
How Mutual Wills Work
- Both parties make wills, usually with identical terms
- They sign a separate agreement not to revoke or change after one dies
- When the first dies, the survivor is bound by this agreement
- A constructive trust arises, protecting the agreed beneficiaries
When Mutual Wills Are Used
- Blended families - to ensure children from first marriages inherit
- When one partner worries the other will change plans after death
- Business succession planning
Drawbacks
- Inflexible - circumstances may change
- New children or grandchildren may be excluded
- Can't adapt to tax law changes
- Complex to set up properly
- Life interest trusts often achieve the same goal more flexibly
Common questions
Can mutual wills be broken?
While alive, both parties can agree to cancel them. After one death, the survivor is legally bound. Breaking this creates legal claims.
Are mutual wills a good idea?
Rarely. Life interest trusts usually achieve the same goal more flexibly. Mutual wills are increasingly discouraged.
What happens if the survivor changes their mutual will?
The original beneficiaries can claim a constructive trust over the assets. They may not receive specific assets but should receive equivalent value.
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