New Delhi, May 10 -- My wife and I are planning our estate. Should we make a joint Will, separate Wills, or consider a mutual Will?

The Indian Succession Act, 1925 does not expressly deal with joint or mutual Wills. Both concepts originate in English common law and have gradually become part of Indian estate planning practice.

A joint Will is a single document signed by two or more individuals, usually spouses, setting out how their respective assets will be distributed. In effect, it combines two separate Wills into one document.

Each person's wishes apply only to their own assets and take effect upon their death.

A mutual Will goes a step further. It is founded on an understanding between the individuals that their Wills are linked....