Joint wills, Mutual wills and Trusts

In many cases between married couples a joint will is drawn up. It is a single document signed by both husband and wife making a clear instruction for the disposal of their on the death of either or both of them. These are usually identical documents, one of which is signed by the husband and one is signed by the wife. An alternative to this arrangement is known as a mutual will. A mutual will has a much stricter standard to adhere to and has some basic requirements. Firstly the agreement must be made on a particular designated document.. The second is that it is a contract. Thirdly is that the agreement is intended to be irrevocable and fourthly the surviving party must have intended the will to reflect the agreement. These mutual wills occur far less often than joint wills.
Trusts differ from a will in that it is created by a settler who then entrusts an individual or organisation to take control of their assets and manage them. These managers are called trustees. These trustees then hold the property for the beneficiary specified by the settler. It is often the case that these trusts are created either for charitable organizations or in the case of the beneficiary being below a certain age. It may be that the settler wishes the trustee not to inherit the property until they reach a certain age or in more unusual circumstances fulfill certain obligations.
