Mutual Will

A type of will, usually executed by a married or seriously committed couple, that is mutually binding. After one party dies, the remaining party is bound by the terms of the mutual will. The purpose is often to make sure property passes to one's children rather than to a new spouse. Because of state differences in contract law, a mutual will should be established with the help of a legal professional.

Though the terms sound similar, a mutual will should not be confused with a joint will.

For example, John and Alice create mutual wills. John dies and his property passes to Alice. Alice takes a new husband, Jay. When Alice dies, because of an agreement made in the mutual will, her property will not pass to Jay. Instead, it will go to John and Alice's children.


Investment dictionary. . 2012.

Look at other dictionaries:

  • mutual will — see will Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • mutual will — One in which two or more persons make mutual or reciprocal provisions in favor of each other. Mutual wills are the separate wills of two persons which are reciprocal in their provisions, and such a will may be both joint and mutual. Sometimes… …   Black's law dictionary

  • mutual will — noun A pair of identical documents executed by a married couple, one signed by the husband, the other by the wife, intended to create an irrevocable contract insuring identical dispositions of their property upon the death of either or both …   Wiktionary

  • joint and mutual will — (or joint and reciprocal will). One executed jointly by two persons with reciprocal provisions, which shows on its face that the devises are made one in consideration of the other. Wetzel v. Watson, W.Va., 328 S.E.2d 526, 529. Joint will is one… …   Black's law dictionary

  • joint and mutual will — see will Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 …   Law dictionary

  • joint and mutual will — A will executed jointly by two persons, the provisions of which are reciprocal, and which shows on its face that the devises are made one in consideration of the other. 57 Am J1st Wills §§ 680 et seq …   Ballentine's law dictionary

  • will — 1 n 1: the desire, inclination, or choice of a person or group 2: the faculty of wishing, choosing, desiring, or intending 3: a legal declaration of a person s wishes regarding the disposal of his or her property after death; esp: a formally… …   Law dictionary

  • will — An auxiliary verb commonly having the mandatory sense of shall or must. It is a word of certainty, while the word may is one of speculation and uncertainty will, noun Wish; desire; pleasure; inclination; choice; the faculty of conscious, and… …   Black's law dictionary

  • mutual and reciprocal will — See joint and mutual will (or joint and reciprocal will) mutual will …   Black's law dictionary

  • will — Volition, purpose; desire. An instrument by which a person makes a disposition of his property, to take effect after his decease. Barney v Hayes, 11 Mont 571, 29 P 282. An instrument executed by a competent person, in the manner prescribed by… …   Ballentine's law dictionary

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