Mutual Wills Agreement Template

Mutual Wills Agreement Template

This Mutual Wills Agreement (the “Agreement”) is entered into as of [Effective Date] by and between:

Party 1: [Full Legal Name], residing at [Address] (“Party 1”).
Party 2: [Full Legal Name], residing at [Address] (“Party 2”).

Party 1 and Party 2 may be referred to individually as a “Party” and collectively as the “Parties.”

1. Purpose and Intent

1.1 Purpose. The Parties intend to make wills that follow a coordinated estate plan (the “Estate Plan”) described in this Agreement.
1.2 Separate Wills. Each Party will execute their own will consistent with this Agreement.
1.3 Disclosure. Each Party represents they have disclosed material assets and debts to the other to the best of their knowledge.

2. Coordinated Estate Plan (Summary)

2.1 Primary Beneficiary. Upon the death of one Party, that Party’s estate will pass primarily to: ☐ The surviving Party ☐ Trust for the surviving Party ☐ Other: [Plan].
2.2 Secondary Beneficiaries. Upon the death of the surviving Party (or upon the second death), the remaining estate will pass to: [Children/Beneficiaries] in shares: [Shares].
2.3 Specific Gifts (Optional). Specific gifts include: [List].
2.4 Guardianship (If Applicable). If minor children exist, the Parties intend to nominate: [Guardian name] as guardian, subject to court approval.

3. Binding Nature and Restrictions (Choose One)

3.1 Non-Binding Coordination (Optional). ☐ The Parties intend coordination only and may change their wills at any time.
3.2 Binding After First Death (Common). ☐ After the death of the first Party, the survivor agrees not to revoke or materially change their will in a way that defeats the Estate Plan, except as allowed in Section 4.
3.3 Binding Immediately (Less Common). ☐ The Parties agree they will not revoke or materially change their wills during their lifetimes except by mutual written agreement.

4. Permitted Changes

4.1 Permitted Changes. The following changes are allowed without violating this Agreement (select and customize):
☐ Updates for tax planning that preserve beneficiary shares
☐ Changes to replace executors/trustees
☐ Distributions to the survivor for health, education, maintenance, and support
☐ Sale of property and reinvestment
☐ Other: [Permitted changes]
4.2 Notice (Optional). If a change is permitted, the changing Party will notify the other Party (or, after first death, notify affected beneficiaries) within [__] days.

5. Survivor’s Rights and Use of Assets

5.1 Use of Assets. The survivor may use estate assets for reasonable living expenses and needs, consistent with the Estate Plan and any permitted changes.
5.2 Restrictions (Optional). The survivor will not: ☐ Make gifts exceeding $[__] per year ☐ Transfer key assets to new beneficiaries ☐ Other: [Restrictions], except as permitted.

6. Life Insurance and Retirement Accounts (Optional)

6.1 Beneficiaries. The Parties intend the following beneficiary designations: [Summary].
6.2 Consistency. Each Party will use reasonable efforts to keep designations consistent with the Estate Plan.

7. Dispute Resolution

7.1 Good-Faith Resolution. The Parties (or their representatives) will attempt good-faith resolution.
7.2 Forum (Optional). Disputes will be resolved in: [County/State], unless required otherwise by law.

8. Miscellaneous

8.1 Governing Law. This Agreement is governed by the laws of [State/Country].
8.2 Entire Agreement. This Agreement is the entire agreement regarding mutual wills between the Parties.
8.3 Amendments. Amendments must be in writing and signed by both Parties (or as allowed in Section 3).
8.4 Severability. If any provision is unenforceable, the remainder remains effective.
8.5 Electronic Signatures. Electronic signatures are effective.

Signatures

By signing below, the Parties agree to this Mutual Wills Agreement as of the Effective Date.

Party 1: [Full Legal Name]
Date: [Date]
Signature: ___________________________

Party 2: [Full Legal Name]
Date: [Date]
Signature: ___________________________

Witnesses (Optional)

Witness 1 Name: [Name]
Date: [Date]
Signature: ___________________________

Witness 2 Name: [Name]
Date: [Date]
Signature: ___________________________

Notary / Notarization (Optional)

State of [State]
County of [County]

On [Date], before me, [Notary Name], personally appeared [Party 1 Name] and [Party 2 Name], known to me (or satisfactorily proven) to be the persons whose names are subscribed to this instrument, and acknowledged that they executed the same for the purposes stated herein.

Notary Public Signature: _______________________
My Commission Expires: _______________________