What is the difference between joint and single wills?

When it comes to wills and probate law in New Mexico, two types of wills are commonly referred to: joint wills and single wills. A joint will is a single document that two people, usually a married couple, both sign to establish their wishes for their estate after they both pass away. A single will is written and signed by an individual person for the purpose of determining how their assets and belongings should be distributed after their death. Joint wills are beneficial because they can help ensure that the wishes of both parties in the will are respected – that is, if the parties in the joint will have the same wishes about how their estate should be distributed. Additionally, both parties in a joint will can be sure that the wishes will be honored even if one of them predeceases the other, as the joint will remains valid. On the other hand, one of the major advantages to a single will is that it allows the individual to have control over their wishes and how their estate is distributed after their death. Additionally, if a testator or testatrix (the person who makes a will) wishes to make changes to their will, they are able to do so easily and quickly without having to run it by another party. Overall, the main difference between joint and single wills is that a joint will is created by two people who agree to the same wishes for their estate after they both pass away, while a single will is created by an individual who has sole control over their wishes.

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What is the difference between joint and single wills?

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