Why Updating Your Will After Separation Is Essential to Protect Your Assets
What You Need To Know
Rafton Family Lawyers Penrith, Richmond, Parramatta, Macarthur provide expert and specialist services in both family law and wills and estates. This is all that we do. Our team of lawyers are able to assist during the separation process and refer your matter to our expert Wills Estates Team to look at updating your estate and estate planning documents including your will and power of attorney, if necessary.
Approximately 99% of clients that are going through a separation will need to update their will and estate plan as its highly likely that the current documents provide for full financial control and/or executor to their former spouse. In the majority of situations following the break down of a marriage or de facto relationship, this is not a situation that the client would want moving forward particularly when they are in the process of a stressful property settlement procedure.
We recommend that clients speak to our expert Estates Team immediately after separation and even prior to divorce to look at updating their will and important estate planning documents. This will include:
- A review of the current will and if this needs to be updated including who the assets have been left to and who has been appointed executor.
- A review of the current arrangements for financial control in the event of incapacity or illness which would be a power of attorney document and looking at appointing either adult children or other trusted family members and removing the spouse or former de facto spouse.
- An update of the enduring guardianship documents which provide and outline arrangements in the event of illness and major health or life decisions and appointing an adult child or trusted family member and removing the spouse or former de facto spouse.
Whilst a divorce is an event that can impact the validity of wills we recommend seeking early advice from our Estate Planning Team immediately after separation and then reviewing documents after the property settlement proceeds and if a divorce is granted. This is because the Family Court process and separation settlement process can take some time, in many cases more than six months and things can change quite rapidly. If the current will and estate planning documents are not updated they will be the most valid document in the event something happens to you during the separation process and this will mean that often your current wishes will not be given effect and your spouse or former spouse whom you are attempting to negotiate to remove assets from will in fact receive the majority of your estate in most cases. This is why an update of your will and estate plan is essential immediately after separation.
What Do I Need To Do Next?
The first step is to contact our intake team and they will happily allocate an initial appointment with one of her experts in wills and estate planning. This can be a simple telephone or zoom call if you are busy and don’t have time for a face to face appointment. The wills lawyer will take your instructions and provide advice about what documents need up dating and provide a clear quote for the cost to update those documents.
To schedule a meeting please email our friendly team reception@rafton.com.au or phone us on (02) 8607 7184. We are happy to help.
Updating your will and estate planning documents immediately after separation is one of the important steps in the separation process.
Rafton Family Lawyers Wills and Estate Planning Richmond, Penrith, Macarthur, Parramatta