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LSDefine
Simple English definitions for legal terms
mutual will
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A quick definition of mutual will:
A mutual will is a type of will where two people, usually a husband and wife, make identical or similar provisions for their estates in favor of each other. It can be separate wills or a single mutual will. The surviving testator is required to dispose of the property according to the terms of the will. It is also known as a reciprocal will, counter will, double will, or mutual testament.A more thorough explanation:
Definition: A type of will where two people, usually a husband and wife, create separate wills that have identical or similar provisions for the distribution of their estates in favor of each other. It is also possible for the testators to execute a single mutual will, as opposed to separate ones.
Example: John and Jane are a married couple who want to ensure that their estates are passed on to each other after their death. They create separate wills that have identical provisions, leaving their assets to each other. These wills are known as mutual wills.
Explanation: Mutual wills are created by two people who want to ensure that their estates are passed on to each other after their death. The wills have identical or similar provisions, and the surviving testator is required to dispose of the property in accordance with the terms of the will. Mutual wills are usually created by married couples, but it is possible for more than two parties to execute mutual wills.