If your relationship status has changed, it’s vital that you also look at your estate planning and change your Will.
In Queensland, divorce automatically revokes any gifts or distributions made to your former spouse, as well as revoking their status as an executor.
However, the rest of your Will remains valid, and divorce does not revoke the appointment of your former spouse as a trustee of any property left in trust for your beneficiaries.
If you and your partner are separated, but not legally divorced, your Will remains valid. If you die before the divorce is finalised, your former spouse could still inherit from your Will or make a claim against your estate.
And if your divorce is not finalised before your death, your former partner would still be able to administer your estate and act as an executor.
Separation for defacto couples is similar, although given it’s often hard to pin down an exact date for the end of defacto relationships, it’s arguably more important to update your Will once that type of partnership comes to an end.
If you are separated but not yet divorced, you should consider reviewing and updating your beneficiaries in your Will. You may want to remove your former partner as an executor or beneficiary, and you may want to choose new beneficiaries.
It’s also important to change your Enduring Power Of Attorney, if your former partner has been appointed to that role. That will prevent them from making decisions about your finances or health care.
You may want to reconsider how your assets are divided, including updating provisions for your children, or other family members.
It’s also a good idea to update the beneficiaries for your superannuation. Although super does not automatically form part of your estate, if you don’t want your former spouse to be the beneficiary, it’s vital you update those details.
Even without major life events, it’s a good idea to review and update your Will on a regular basis.
Consulting with an expert in Wills and estates is the best way to ensure you are compliant with current legislation, and that your wishes will be respected.
For help with every aspect of estate planning, contact GLG Legal Springfield on: (07) 3288 3511 or emailing: info@springfieldlegals.com.au
And if you are looking for advice on separation, divorce, property settlement or any other aspect of family law, the specialists at Michael Lynch Family Law are here to help you. Contact our office today on: (07) 3221 4300 or email: law@mlynch.com.au to make an appointment.