Is Updating Will After Divorce Necessary?

Going through a divorce or separation takes a great emotional and mental toll on a person. It is arguably one of the most emotionally demanding events of a person’s life, and leads to a state of turmoil. Adding to this stress, is the issue of updating wills after divorce or separation.

What many do not realise is that along with impacting your relationship status, a divorce or separation can also impact Wills, and trusts and estate planning.?

This article will discuss the importance of updating Wills after divorce or separation.

Effect of Marriage on Existing Wills

It's crucial to be aware that in Australia, an existing will is generally nullified upon marriage. This means if you have a will before you marry and do not update it post-marriage, the law typically assumes your intention to favour your new spouse. This oversight could lead to significant portions of your estate inadvertently passing to your spouse, potentially causing disputes, especially if you have children from a previous relationship.

State Legislation Differences

In some states in Australia, in cases of divorce, the Wills of both parties become invalid. Whereas in some other states, a divorce leads to the revocation of the ex-spouse as the executor of deed, and disregards any gift or portion of estate that they were initially entitled to.?

You need to take appropriate actions based on which state’s legislation applies to your case.?

Estate Planning After Divorce

After a divorce, it's essential to revise your estate plan thoroughly. Here’s a list of steps to guide you through updating your wills and estate planning post-divorce:

1. Revise Your Will: Remove your ex-spouse as a beneficiary or executor if they had been designated as such. Inform all relevant parties of these changes to avoid any confusion or disputes later.
2. Update Life Insurance Beneficiaries: Commonly, spouses are nominated as the primary beneficiaries on life insurance policies. After a divorce, ensure you update these designations to reflect your new circumstances.
3. Establish Trusts for Asset Protection: Consulting with solicitors to create trusts can be beneficial, as trusts can shield assets from creditors and exclude them from considerations in family law proceedings.
4. Re-title Joint Assets: Properties and vehicles held jointly should be re-titled to prevent future disputes and clarify ownership.

Seek Professional Advice

The complexity of navigating estate planning after a life-changing event like divorce cannot be understated. Engaging a family lawyer can provide not only emotional support but also practical advice to manage the revision of wills and estate plans effectively.

At JB Solicitors, our team of specialists in wills, estate planning, and family law are equipped to guide you through these adjustments, ensuring your estate planning aligns with your current needs and legal requirements.

Contact our experienced solicitors today to safeguard your future and that of your loved ones.