This is a guest blog from Tamsyn Ward, an experienced Wills and Probate solicitor. Tamsyn explains here how important it is for people going through divorce to have a Will and also to review your existing Will…
“You would be forgiven for wanting to get away from all things legal once your divorce has finalised, but before you do, thought should be given to making a new Will which reflects your new circumstances.
Here are 7 reasons why making a Will should be one of the first steps you take after divorce:
1. Divorce does not mean your present Will is invalid
If you have a Will in place and then divorce or your civil partnership is dissolved, your Will is not invalid, but the provisions for your former spouse or civil partner will fail to take effect and your estate may not go where you intend.
2. You may need to change who is to be your Executor
If you made a Will during your marriage, very often your spouse or civil partner has been appointed to act as your Executor. If you divorce or your civil partnership dissolves then your former spouse or civil partner is barred from acting.
3. If you die before your divorce is finalised, your spouse may inherit from your estate
If your divorce is not finalised and you have an existing Will, then your spouse may inherit the whole or part of your estate which may not reflect your wishes.
4. Your Will should reflect new family arrangements
Today’s family structures are more diverse and if you have started another relationship you may need to review your Will and assign assets to people you want.
5. It is likely your financial circumstances have changed
After a divorce, your financial circumstances will have undoubtedly changed. You may have more assets to give to those you wish under the terms of your Will or less assets than you previously had and you may not now have sufficient assets to provide for the legacies you have made.
6. Give your nearest and dearest peace of mind
It is not always about giving assets away when considering making a Will. Often, writing a Will is a means of giving yourself and those nearest to you peace of mind when administering your estate.
7. Protect your estate from claims under the Inheritance(Provisions for Family and Dependants) Act 1975
Failing to make arrangements either as a first time Will writer or reviewing your Will after a divorce may lead to a claim under the Inheritance (Provisions for Family and Dependants) Act 1975.”
Tamsyn Ward is qualified with the Society of Trust and Estate Practitioners and has extensive experience dealing with individual clients’ Wills, Powers of Attorney, Court of Protection work and Estate Administration. Tamsyn provides a one-to-one service taking away the formality of a traditional solicitors’ office and replaces it with a dedicated, individual and professional guidance that supports clients through often difficult or daunting times in their lives. Find out more at www.tamsynwardsolicitors.co.uk.
If you have found the tips in this blog useful then you’ll find lots more in my eBooks, which you can purchase and download today.