Define: Joint Will

UK Accounting Glossary

Definition: Joint Will



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Full Definition of Joint Will


A joint will is a type of legal agreement, in which property is distributed according to a will without the right to survivorship. According to a joint will agreement, the distribution of assets is predetermined by a joint will regardless of who dies first. A joint will is common among married couples, though legally a joint will can apply to any two people who intend to become each other’s beneficiaries according to a stipulated will. Like other legal contracts, a joint will has its benefits and drawbacks. On the plus side, a joint will prevents the surviving person from using the estate in ways that contradict the terms of the joint will contract. Thus, for example, should the surviving spouse decide to remarry, a joint will contract may block him or her from granting the estate to the new spouse or stepchildren. A negative of a joint will is its constricting nature and inability to accommodate changing life circumstances.


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Joint Will. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. March 30, 2020 https://payrollheaven.com/define/joint-will/.
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Joint Will. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/joint-will/ (accessed: March 30, 2020).
American Psychological Association (APA):
Joint Will. PayrollHeaven.com. Retrieved March 30, 2020, from PayrollHeaven.com website: https://payrollheaven.com/define/joint-will/

Definition Sources


Definitions for Joint Will are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 9th February 2020.