Agreement to Maintain Mutual WillsThis is an Agreement to maintain mutual wills that may be used in conjunction with our Will document.
This is an Agreement to maintain mutual wills. It may be used in conjunction with our Will document.
An Agreement to Maintain Mutual Wills is a legally binding contract between two parties, in which they agree to leave their respective assets to each other upon their death. This type of agreement is a common estate planning tool used to ensure that both parties' wishes are honoured and their assets are distributed according to their agreed-upon terms.
The agreement itself typically outlines the terms and conditions of the mutual wills, including the specific assets that each party will leave to the other upon their death. It may also include provisions for any other beneficiaries that the parties wish to include in their wills, as well as instructions for the distribution of any remaining assets after both parties have passed away.
Signing this Agreement does not have the equivalent effect of creating a will, nor does it affect how a person's estate is disposed of after their passing. Rather, it is intended to be signed more or less at the same time as mutual wills that have already been agreed on by both parties.
This Agreement does not set out the content of mutual wills. Where parties seek to make an agreement in anticipation of the making of wills, see Agreement to Enter Mutual Wills.
The signing of an agreement such as this one is not regulated in the same manner as the signing of a will. For instance, unlike a will (which can only be e-signed in Victoria), this Agreement may be e-signed anywhere in Australia. In any event, it is advised that this Agreement be signed by a witness, and this witness should be a third party.