John J. Pembroke & Associates LLC
Call Our Law Office Today
847-696-0060

What's a mutual will?

A mutual will is a common estate planning tool that governs the estate of more than just one person. Usually, the people who enter mutual wills with one another are married couples or couples who are in seriously committed relationships.

Your mutual will is considered "mutually binding." This means that if one person passes away, the other party of the will must follow the terms of the document. The primary reason why people enter into a mutually binding will is to protect the inheritances of their children. Let's say you want to leave $100,000 to each of your children, but you've remarried and your current spouse is not the biological parent of your children. To ensure that your new spouse does not absorb all of your assets into his or her own estate, you can have your new spouse agree to eventually pass on certain assets to your children in the event of your death.

To illuminate this even more, imagine that Jim enters into a mutual will with Jane. Jim dies and all of his money and assets go to Jane according to the will. Jane remarries, but if Jane dies, the assets she inherited from Jim will not go to her new husband. Instead, they will go to his children as a result of the agreements Jane made in the mutual will.

An experienced Illinois estate planning lawyer can assist couples in creating a suitable mutual will that reflects their wishes and the needs of their unique family circumstances. When properly drafted, your mutual will can safeguard the inheritances of your children.

No Comments

Leave a comment
Comment Information
  • AV | Preeminent | Peer Rated for Highest Level of Professional Excellence | 2017
  • Illinois State Bar Association
  • Super Lawyers
  • The Chicago Bar Association
  • ABA | American Bar Association

Make Your Appointment Today

Find out how our experienced team can assist with your legal matters. Call our office in Park Ridge at 847-696-0060 or fill out the form below to schedule a confidential consultation.

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy