Kings New York Acuerdo para otorgar testamentos mutuos - Agreement to Execute Mutual Wills

• Category: Testamentos - Última Voluntad y Testamento - Testamentos Mutuos para Pareja Casada
• State: Multi-State
• County: Kings
• Control #: US-0664BG
• Format: Word

Description

A person may enter into a valid agreement by which the person agrees to bequeath or devise property in his or her will to particular persons or for particular purposes. One of the most common agreements of this nature involves the situation where the test

The Kings New York Agreement to Execute Mutual Wills is a legally binding document that outlines the wishes and intentions of a couple regarding the distribution of their assets and estates upon their deaths. This agreement is designed to ensure that both parties' desires are honored and that their assets are passed on according to their joint decisions. Under the Kings New York Agreement to Execute Mutual Wills, a couple declares their intention to create identical wills that leave their property to each other upon the first spouse's death, and then distribute the remaining assets to their chosen beneficiaries upon the surviving spouse's death. This agreement typically includes provisions for the appointment of executors, the identification of beneficiaries, and the allocation of specific assets or properties. There are several types of Kings New York Agreement to Execute Mutual Wills, including: 1. Simple Mutual Wills: This is the most basic form of a mutual will agreement where the couple agrees to leave their entire estate to each other and then distribute it as per their mutual wishes. 2. Reciprocal Mutual Wills: In this type of agreement, the couple pledges to leave their assets to each other, but with specific conditions on how the assets will be distributed upon the surviving spouse's death. For example, they may outline that after the surviving spouse's passing, the assets will pass to their children or other designated beneficiaries. 3. Testamentary Trust Mutual Wills: This type of mutual will agreement establishes a trust upon the death of the first spouse, with the surviving spouse named as the primary beneficiary. The trust can then specify how the assets will be managed and ultimately distributed to beneficiaries upon the surviving spouse's death. 4. Lifetime Beneficial Interest Mutual Wills: Under this agreement, the couple agrees to give each other a lifetime beneficial interest in certain assets. Once the first spouse passes away, the beneficial interest in those assets may transfer to other beneficiaries identified in the agreement. The Kings New York Agreement to Execute Mutual Wills provides couples with a legally enforceable mechanism to ensure their joint wishes are carried out after their deaths. It is essential to consult with an attorney experienced in estate planning to draft and execute this agreement accurately, taking into consideration the unique circumstances and desires of each couple.

Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.