When it comes to estate planning, double wills are an important tool that can help protect your assets. Double wills are two copies of a will document, meaning that both the original and a duplicate will are created. They essentially provide two copies of the same will, which are both legally binding in the event of the grantor’s death.
The primary advantage of double wills is that it offers a method of proof to verify that the will submitted for probate is an authentic copy. After all, it’s not uncommon for estate plans to be modified and amended over time. Having a will with two separate copies gives the court and executor additional assurance that all communications around the estate plan have been properly documented.
In addition to having two copies of an original will, a double will can also help to avoid arguments between family members or relatives if there is a dispute regarding the validity of a will. By offering additional proof of authenticity, double wills can help to provide assurances that the estate plan was properly followed and adhered to.
One of the most common scenarios in which double wills are used is when property is transferred among two or more individuals or entities. In this situation, a double will can be used to make it easier to verify that each party involved in the transaction received their entitled portions of the estate plan. For instance, if a couple has a double will in place, they can each have a verifiably authentic document to guarantee that their respective interests in the estate are securely documented.
Another scenario in which a double will is often used is when an individual has a living trust. This is because having a double will provides further assurance that the trust is properly administered, and that the wishes of the deceased person are carried out in accordance with the original estate plan.
Overall, Double Wills Can Be a Very Beneficial Tool for Estate Planning
Double wills offer a way to protect your estate against potential future disputes. Having two copies of a will can provide forensic proof of authenticity and can help to avoid division of assets among family members and relatives. Furthermore, having a double will in place is particularly useful when estate assets are transferred among two or more persons or entities, or when living trusts are involved. Ultimately, double wills can be an essential tool for any estate plan.