When couples begin planning succession together, they often come across two lesser-known estate planning concepts: Joint Wills and mutual Wills.
At first glance, both may appear similar because they involve spouses planning inheritance jointly. But legally and practically, they work very differently.
And experts say choosing the wrong structure can sometimes create family disputes, litigation, or inheritance complications years later.
What is a joint Will and how does it work in India?
A joint Will is a single document signed by two or more individuals, usually spouses, covering both jointly owned and individually owned assets. Instead of preparing separate Wills, both people sign one common document laying down how assets should be distributed after death.
“A joint will is a common will made by two or more individuals, dealing with their joint as well as separate properties,” says Shaishavi Kadakia, Partner, Cyril Amarchand Mangaldas adding that ,“It is not necessary that both individuals should bequeath their properties to the other on either’s demise.”
