Tag: What are the disadvantages of Mutual Wills

What is a Mutual Wills?  Mutual wills are considered a ‘legally binding contract’ between two people that are drafted in terms agreed upon by both parties and cannot be revoked or amended by either party without the agreement of the other. This means that following the death of the first party, the wills are irrevocable and changes can never be made by the surviving party (unless otherwise provided for).  Most commonly, mutual wills are used in circumstances where parties have remarried with children from a former marriage. This...