Take the Advice ofYour Divorce Solicitor By Updating Your Will
Take the Advice ofYour Divorce Solicitor By Updating Your Will
Splitting up with a partner is always a tough time, but there might be some legal consequences that you're not aware of. Have you thought about the future - and who would inherit your estate should something happen to you?But I already have a Will.If you are still married then separation has no effect on your Will. Your Will is almost certain to refer to your wife or husband (spouse) at some point. Many couples have Wills that leave everything to each other. If you no longer wish your spouse to inherit, you must make a new Will immediately which confirms your new wishes.What if I don't have a Will, or I destroy it?This will not help if you are still married. If you die Intestate (without a Will) the Intestacy rules will direct your assets in a set way. If you are married with children your spouse will inherit all your personal effects and at least the first 125,000 of your remaining assets (including your home). If your estate exceeds this amount your children will take half and your spouse will have an interest in the other half. You have to make a new Will to change this.I own property jointly with my spouse.Normally on death any joint assets pass automatically to the surviving joint owner irrespective of the terms of any Will you have signed. Therefore even if you have signed a new Will your house could still go to your spouse. This can easily be avoided by 'Severing the Joint Tenancy'. Once the joint tenancy is severed you can leave your share of the house to the beneficiaries named in your Will. Other joint assets as bank accounts can also be severed.Issuing a Divorce Petition.You are not legally divorced until the decree absolute has been issued. Therefore pending decree absolute, your spouse is still entitled to any gift under your existing Will and will be the main beneficiary under the intestacy rules if you die without a Will.I'm divorced, now what should I do?Once you are divorced your Will is treated as though any reference to your former spouse is omitted. However, you still have the welfare of your children and any new family to consider.- Would you like to name Guardians for your children should you die before they are 18 years old?- Do you want your children to inherit at 18 years or when they are older?- Have you got a new family to think about? They won't inherit any of your assets unless you draw up a new Will that specifically includes them.- Do you want to choose Executors to deal with your estate on your death?- Do you want to leave something in your Will to friends or charities?Approximately 70% of people are without a valid will, making it highly likely that their property will not pass as they would have wished if they should die. It's also raises the possibility of their loved ones battling over a contested will. If you're going through a relationship breakdown, make sure that you speak to your Divorce Solicitor about making a will or updating your existing Will.