The Importance of updating your Will and Estate Plan after separation
The Importance of Updating Your Will and Estate Plan After Separation
Breaking the ties that bind: The importance of post separation estate planning.
Whether you have been together for three months or 30 years, breakups are challenging. During such a stressful time, it is completely normal to go through a range of emotions. Getting your affairs in order may therefore be the last thing on your mind. However, a breakup or separation can be one of the most pivotal times to plan your estate.
Although it may be difficult to think about, it is important that this process is not overlooked. Neglecting this process can have severe consequences, particularly in the unfortunate event of your death or incapacitation. Therefore, it is important to review your estate planning post-separation to ensure your assets go to those who matter to you the most.
I am separated from my partner – is that is enough to sever the financial ties I have to my ex?
Unfortunately not. Just separating from your partner is not enough to sever all financial ties to your ex. To best protect your financial interests throughout the separation process, it is important to consider where you may have joint financial ties with your ex-partner. This may include areas such as superannuation, mortgages, life insurance or through estate planning.
I don’t have a Will – How do I get one?
Without a Will, there is a good chance that your assets may not be allocated the way you would like, particularly if you have recently separated with an ex-partner. This often Will result in additional conflict, stress and anxiety placed on family and close friends, at an already difficult time. It is important to be aware that, despite the stigma, preparing a Will is not a complex process. Allocating some time to plan your estate Will provide you with the peace of mind that life will be easier for your loved ones should anything happen to you.
I currently have a Will – What do I do next?
If you already have a valid Will, you’re halfway there! It is likely that following a separation, you may wish to remove your former partner or spouse from your Will, to ensure they do not receive any of your assets. This can be done by either amending your Will, or getting a new Will prepared.
The bottom line:
Our tip is to not wait until it’s too late. Being proactive, particularly during a separation, will help ensure your interests are protected. Whilst it may not be the first thing you feel like doing after a breakup, getting your affairs in order will provide you with the ultimate peace of mind during an already stressful and emotionally challenging time.
Take action today:
At CPC Lawyers, we specialise in family law and estate planning. If you are ready to plan your estate, or are seeking advice in regards to separation or divorce, do not hesitate to contact us on (08) 7323 0219 for more information.