Donald M. Thompson - Wills, Trusts, and Estate Planning

WILLS, TRUSTS, AND ESTATE PLANNING

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Joint and Mutual Wills

A joint and mutual will is one executed by two parties (testators). In it each testator makes gifts upon his or her death. The gifts are usually reciprocal. Each testator's gifts are considered to be in return for the other testator's gifts.

Because of this the joint and mutual will is a contract. While the parties are both alive they are free to change the terms of the will, but upon the death of one the will is irrevocable.

 

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Donald M. Thompson * 55 W. Monroe #3950; Chicago, IL 60603
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