3 Important Estate Planning Documents to Update if You Are Going Through a Separation
Going through a separation or divorce is a highly stressful time for most people. It can feel like your life has been turned upside down. On top of that there are loads of administrative tasks to attend to. While it can feel overwhelming it’s important to move through it and one of the most important things to attend to is updating your Estate Plan. At Norton Legal our friendly team of compassionate lawyers can help to navigate this and can take away as much stress as possible for you.
Below are 3 important Estate Planning documents to update if you are going through separation or divorce.
1. Will
In Victoria, getting divorced will make the part of your Will that mentions your former spouse invalid (unless there is something in the Will that says that you don’t want this to happen). Therefore, following divorce, if your ex-partner is named as your Executor, or main beneficiary, those parts of your Will will no longer be valid. You may want to consider making a new Will that reflects your changed life circumstances and removes your ex-partner.
Its very important to note however that just separating from your partner, without the formal step of divorcing, will not invalidate your Will. That means that if you separate but don’t get around to divorcing and don’t update your Will, you ex-partner could still be named as your executor or main beneficiary. This is unlikely to be what you want in the circumstances.
2. Superannuation - Binding Death Benefit Nomination
As above, if you only separate from your partner but don’t divorce, any binding superannuation nominations that you have made will still be valid. This could mean that your ex-partner receives your superannuation death benefits if you were to pass away. It is therefore very important to make sure that you update your Binding Death Benefit Nomination with your superannuation fund once you have separated.
3. Powers of Attorney
Once you have separated from your partner you should also revoke and update any Enduring Powers of Attorney and Appointment of Medical Treatment Decision Maker documents that you have made. If you do not do this your ex-partner may be able to continue to make financial, personal and legal decisions on your behalf (depending on how the document was drafted in the first place).
After a divorce, it is important to review and update your Estate Plan to ensure that your wishes for the distribution of your assets and other matters are up-to-date and reflect your current situation.
Norton Legal can help!
Our friendly team of Estate Planning lawyers can help you to update your Estate Plan during this stressful time. We can see you in person or remotely via Zoom.
If you have any questions about ensuring that this transition and what you now want for your friends and family is reflected in your Will, do not hesitate to contact Alison today.
The above comments are guidance only, and the legal strategy should always be approved by a qualified lawyer
