If you're getting divorced, or are divorced, you need to review your estate plan.
At the very least, you will need a new Will.
WHAT ARE THE RISKS OF NOT RE-WRITING MY WILL IF I AM GETTING DIVORCED?
Did you know that...
- Whilst you are in the process of getting divorced, your husband or wife may still receive everything under the rules of intestacy, if you don't have a Will?
- If you are still Joint Tenants on your property deeds, regardless of what you write in your Will, the property will pass directly to your former husband or wife?
- If you are Tenants in Common, your property will pass to the named beneficiaries on your Will?
- Without a Will, should your former husband or wife become unable to care for your children after your death, the courts will have no idea who you would have wanted to become their legal Guardians?
DO I NEED ANYTHING ELSE OTHER THAN A NEW WILL IF I AM GETTING DIVORCED?
If you have an estate plan, it is a good idea to review it. If you do not, it is a good time to research how planning your estate might benefit yourself and your loved ones. In the mean time here is a useful link to the Citizen's Advice Bureau's advice on ending a marriage.
Did you know?
If you are divorced and have not updated your Will since the date of the divorce, your Will could potentially go through the court system.