If My Wife and I Make Joint Wills, Can the Surviving Partner Change the Will and Set Forth Some Other Plan of Distribution in a Subsequent Will?
Simple wills cannot bind a surviving spouse to the particular distribution planned in a joint or reciprocal will. The surviving spouse is legally free to create a new will and dispose of inherited property in a different manner than set forth in an earlier will, leaving any remainder to different heirs, or perhaps a companion or a new spouse. In contrast, if your property is left in a trust, its disposition can be legally controlled and directed after your death. For instance, you can leave property in trust for the benefit of a surviving spouse for life, allowing the surviving spouse to use income and principal for support and maintenance, with the direction that the remainder be given outright to others when the surviving spouse dies. Trusts are also useful tools in reducing or eliminating Federal Estate Taxes, which for estates worth more than $675,000 can be substantial. (The $675,000 tax threshold in the year 2000 increases to $1 million in the year 2006. Federal Tax rates on prop
