In Australia, there are several types of wills recognized under the various state and territory legislation. While the specific names and requirements may differ slightly between jurisdictions.
No two people are the same and this is why there are different Wills available, each being customisable to your circumstances.
We have been providing a snapshot of the five most common Wills used in Australia being:
- Standard Wills (see our previous commentary here);
- Testamentary Trust Wills;
- Mutual Wills;
- Mirror Wills; and
- Living Wills.
Mutual Will
Binding Agreement
A mutual Will is a Will entered into by two individuals, usually spouses or domestic partners which creates an agreement whereby the parties will not revoke or alter the terms of their Wills without the consent of the other party.
Mutual Wills are often used to ensure that assets pass to the surviving partner or in blended families to protect chosen beneficiaries. The benefits of a mutual Will can include:
- Simplicity and coordination – creating parallel document to reflect each other’s wishes;
- Inheritance planning – reciprocal provisions allow for financial security;
- Beneficiary protection – provide safeguards for beneficiaries by outlining inheritance arrangements after both parties pass away; and
- Dispute prevention – by creating an agreement, a mutual Will can potentially minimise conflict in the future
Which Will is best for you?
It is essential when making your Will to seek legal advice. Our Wills and Estates Team will take the time to understand your circumstances and can guide you on the type of Will which will accurately reflect your wishes and is legally valid. For more information, please contact us on 03 9614 7111 or at melbourne@nevettford.com.au.