Understanding the "Reciprocal" Will
The "reciprocal" will basically just means that one spouse's will mirrors the other's.
A will, of course, if a legal document where you can state how you want your property to be distributed between the people you choose.
In a will, you can name the Executor.
He/she will take charge over your affairs after your death; basically he/she will act as administrator over your will.
You can choose your spouse, of course, if you are married, but it is also suggested you choose an alternate, just in case.
If you are single, you can choose a friend or another family member, simply just someone you trust.
You can also indicate specific bequests of your property, where you can name specific people to inherit a treasured object, etcetera.
The remainder or "residue" of your property (that are not mentioned in the will beforehand) can also be discussed; usually, people just state that they want their children or their surviving spouse's to get a share.
A will can also be used to pay debts and taxes; they can be collected from your estate after your death.
If the couple has children, the main issue is how the children will be supported after the parents' death.
Planning is the key.
There are a lot of steps involved, such as choosing a rightful guardian, ensuring if the children will be financially supported, and whatnot.
In most cases, the husband and wife have mirror images of their wills.
However, in cases where one or both of them have children from previous marriages, there obviously will be some differences.
Most of the time, the order of death (determined under the Uniform Simultaneous Death Act, which has been adopted by most states) can affect how your will is interpreted.
A will, of course, if a legal document where you can state how you want your property to be distributed between the people you choose.
In a will, you can name the Executor.
He/she will take charge over your affairs after your death; basically he/she will act as administrator over your will.
You can choose your spouse, of course, if you are married, but it is also suggested you choose an alternate, just in case.
If you are single, you can choose a friend or another family member, simply just someone you trust.
You can also indicate specific bequests of your property, where you can name specific people to inherit a treasured object, etcetera.
The remainder or "residue" of your property (that are not mentioned in the will beforehand) can also be discussed; usually, people just state that they want their children or their surviving spouse's to get a share.
A will can also be used to pay debts and taxes; they can be collected from your estate after your death.
If the couple has children, the main issue is how the children will be supported after the parents' death.
Planning is the key.
There are a lot of steps involved, such as choosing a rightful guardian, ensuring if the children will be financially supported, and whatnot.
In most cases, the husband and wife have mirror images of their wills.
However, in cases where one or both of them have children from previous marriages, there obviously will be some differences.
Most of the time, the order of death (determined under the Uniform Simultaneous Death Act, which has been adopted by most states) can affect how your will is interpreted.
