You may already know that marriage automatically revokes all prior Wills (with a few special exceptions) in every state and territory in Australia.
But did you know that divorce does not necessarily have the same effect? Depending on where you live, your ex-spouse might still be entitled to inherit under your Will.
Further, your powers-of-attorney and advance directives are not affected by divorce at all.
This means that, unless you wish your ex-spouse to retain the lawful authority of making decisions for you, you should formally revoke and replace all such documents as well as remake your Will, after your divorce.
It doesn’t stop there. You need to consider the titling of your assets, to see if there is jointly-owned property. You should check the beneficial ownership of your superannuation and life insurances, particularly to determine if your ex-spouse is named as recipient of any binding death benefits.
In your Will, you may wish to nominate someone as guardian of your infant children. Similarly, although your ex-spouse may be the other parent of your children, (and so the law is likely to presume them to be their guardian), you can still in your Will appoint someone else as Trustee to look after any inheritance you wish to leave in trust for your children, so that your ex-spouse does not control their money.
Maybe it’s time to put your affairs in order, and create a modern integrated estate plan before it’s too late?
Be cautious, and take advice before you decide.
When it comes to Wills, asset protection & estate planning in Australia, you can trust the oldest law firm in South Australia, Genders & Partners to guide you through the tough decisions you must make for your family’s future care and welfare.
If you have any questions, or would like further information, please call or email us. Would you like a quick phone call to discuss? Feel free to phone or email us or use this link and book a timeslot for a free 15-minute phone consultation on my schedule: https://calendly.com/genders
Can’t get to us? No problem. We now offer home or office visits to many areas in the Adelaide metropolitan area at no additional cost. Call us on (08) 8212 7233 to enquire further.
We can help you to protect yourself and your family. We look forward to being of service.
eBook “7 Things You Must Know Before You Make Your Will”
In this eBook you will Learn:
Why home-made Wills can be a LOT more expensive than you might think.
The secret weapons used by the rich & powerful to protect their assets, and transfer their wealth two or three generations ahead.
How Estate and Trustee Companies make BIG money from “free” Wills.
The Most Common Estate Planning Mistakes, how they can cost your family a fortune, and How to Avoid Them.
The Elements of a Sound Estate Plan – why a Will alone is not enough.
How to Make Sure Your Assets Stay in Your Family and are not lost to creditors, lawsuits or ex-spouses.
How to guard against challenges to your Estate after you’re gone.
