Creating a Will can be overwhelming and uncomfortable for many. Coming to terms with one’s own mortality as well as deciding on the distribution of all assets can be quite a tumultuous task. However, this legal document is critical to ensure that your loved ones are taken care of after you pass away. For a lot of couples, creating a joint Will may seem easier, but is rarely recommended. Even if you believe that a lot of your assets are the same, it is always advisable to have separate Will due to the reasons outlined below.
A Will only permits transfer of your assets
A joint Will offers no additional benefit to spouses as this legal document allows only an individual to transfer his or her own assets. For this, a separate Will is most advisable. Using a joint Will to transfer each spouse’s individual assets becomes a cumbersome job and can be problematic in the future.
If one spouse dies first, the Will is locked-in
It is an extremely rare occurrence for both spouses to die at the same time. However, a joint Will cannot be executed unless both individuals have passed away. This can cause serious problems in the future. If one spouse dies first, the Will is locked-in and only becomes valid after the second spouse dies. The living spouse cannot make any changes or allow for early transference of the assets to the children in case of an emergency. In case of separate Wills, when one spouse passes away, his or her wishes are tended to instantly without delay while also allowing the living spouse to make any amendments to their individual Will.
Inability to access funds in an emergency
One of the biggest concerns in a joint Will is the inability to use the assets by the surviving spouse in case of an emergency. Additionally, as the assets get locked in, the surviving spouse is unable to sell or trade the assets to take advantage of opportune investment moments.
Loss of privacy for the surviving spouse
A Will is a legal document that lists all your assets and investments accumulated in your lifetime. After your death, this Will goes through a probate process where the Will is made public to everyone. In case of a joint Will, this document becoming public can compromise the privacy of the surviving spouse. With a separate Will, on the other hand, only the assets of the spouse that has passed away become public.
Difficulties in case of additional dependents
In case of dependents other than just the biological children, the legalities involved in a joint Will can be quite complicated. In addition, each spouse may want to distribute their assets in a different way among the children. In case of a joint Will, this freedom is greatly curbed. With separate Wills, each spouse has the freedom to choose their dependents and distribute the property in their manner of choosing.
Inability to access funds in an emergency
One of the biggest concerns in a joint Will is the inability to use the assets by the surviving spouse in case of an emergency. Additionally, as the assets get locked in, the surviving spouse is unable to sell or trade the assets to take advantage of opportune investment moments.
Get legal help for your Wills
In case you have a joint Will, and both of you are still capable of creating a Will, it is advisable to instantly draft separate Wills for each spouse. If you haven’t yet made your Will, it is a good time to start now and secure the future of your loved ones. For legal advice and help on creating your Will, please contact the legal advisors at Financial Hospital.
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