Mutual Wills

Mutual Wills go a step beyond mirror Wills: the couple makes a binding contract not to revoke or alter the agreed terms, especially after one of them dies. Once the first person dies, equity holds the survivor to the agreement, treating the assets as subject to a constructive trust for the agreed beneficiaries. This protects children from a first relationship against being disinherited later.

Because they are hard to undo, mutual Wills must be entered into deliberately, ideally with the agreement recorded in writing. Example: in a blended family, Maria and Steve sign mutual Wills agreeing the survivor cannot change the gifts to all four of their children. The downside is rigidity — the survivor may be locked in even if circumstances change dramatically, so legal advice is essential.