Estate planning
Will
If you have recently separated or you are contemplating separating, we recommend that you review your Will (and current estate plan) to consider whether it is meets your changed family circumstances. If you do not have a current Will or you do not have a valid Will in place (which is called an intestacy), then your separated partner is likely to benefit from your estate.
Upon marriage
Upon marriage, a Will becomes invalid unless the Will expressly states that you made the Will “in contemplation of marriage”.
Separation
It is important that if you have separated, your Will reflects the change in your circumstances.
If you have left property to your spouse in your Will or if you have appointed them as an Executor, your separation will not invalidate this. You will need to update your Will, if you want to change it.
Divorce
A Divorce Order will invalidate the parts of your Will that related to your former spouse. This might mean that your entire Will is invalid.
If you die without a valid Will, your separated partner is likely to benefit from your estate under the law. To ensure that your wishes are carried out when you die, you should ensure that you have a current, valid Will.
In summary, marriage, separation and divorce all affect your Will, and may render it invalid. There are important life events and you should update or make a new Will to reflect your changed circumstances.
Powers of Attorney
If you have Powers of Attorney, appointing your former spouse, you should take steps to revoke your Powers of Attorney if you no longer want them to fulfil this role. Separation and divorce do not automatically revoke the Powers of Attorney.
It is important to have a current and valid Power of Attorney in place, so that you have confidence about whom you have empowered to make decision for you, in relation to your financial and/or medical needs, if you are unable to make those decisions for yourself.
Binding Death Nomination
If you have not already done so, you should contact your superannuation fund to check if you have signed a Binding Death Nomination. A Binding Death Nomination binds the Trustee of your superannuation fund to distribute the benefit to the person you have nominated. If you do not want your spouse to receive any benefits if you die, you should review and potentially, revoke your Binding Death Nomination to take into account your changed circumstances.
