5 Reasons You Need to Update Your Will After Separation
Going through a separation or divorce can be a challenging and emotional time. Amidst the turmoil, it's easy to overlook important legal matters, such as updating your will and incapacity documents. However, failing to update your will and incapacity documents after a separation can have serious consequences for your estate and your loved ones.
Here are 5 reasons why you need to update your will and incapacity documents after you separate:
1. Your ex may still be named as a beneficiary
If you don't update your will after you separate, your ex may still be named as a beneficiary. This means that they could inherit your assets, even if you no longer want them to. Updating your will ensures that your assets will be distributed according to your wishes.
2. Your ex may still be named as your executor
If your ex is named as your executor in your will, they will be responsible for administering your estate. This often includes being the signatory on the estate bank account and managing the inheritance of any minor children. Updating your will allows you to appoint someone you trust to be your executor.
3. Your children's guardianship may need to be updated
If you have children, you may need to update who you wish to look after your children if something happens to you. This is particularly important if you have previously nominated your ex or their family and you no longer have a good relationship with them.
4. Your assets may have changed
After a separation, your assets may have changed. For example, you may have sold your family home or acquired new assets. Updating your will ensures that your assets are distributed according to your current circumstances. If any of your assets are still held jointly with your ex, they will automatically pass to your ex on your death.
5. Your wishes may have changed
Finally, your wishes may have changed after a separation. For example, you may want to leave more to your children or to a new partner. Updating your will ensures that your current wishes are reflected in your estate plan.
Updating your will after a separation is essential to ensure that your estate is distributed according to your current wishes. If you're going through a separation or divorce, it's time to update your Will, your incapacity documents and your superannuation.
