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  • Writer's pictureThe Will Partners

How Can Divorce Affect Your Will and Estate Planning

writing  a will

When you're in the midst of a divorce, you're probably not thinking about estate planning or your will. But if you're divorcing, you should think about the impact a divorce can have on your will and estate planning.

Even if your divorce is amicable, you may still want to make some changes to the paperwork which includes your will and if relevant a power of attorney.

Review Your Will

Maybe, at present you do not have a last will and testament. If not, then now would definitely be a good time to put your wishes in writing and make them legally binding. Why not contact us to see how we can help.

If you are still married, even with divorce proceedings under way, current rules allow your spouse still to benefit. If you do have a will, this may currently leave your assets to your spouse and you need to update asap.

Review Your Trust

If you have a trust, your spouse may be named as a trustee. You may want to change who will be distributing your assets in the future. If you do not have a trust and have children or other relatives whom you would like to inherit your assets,

now may be a good time to set one up.

Review Your Insurance Policies

You will eventually need to remove your spouse from all of your insurance policies, from health to homeowners to car insurance. And don't forget about life insurance. However, if you have young children that your ex-spouse will help in

raising, you may want to keep your ex-spouse as a beneficiary.

Change Your Power of Attorney

If your spouse is listed as your Health & Welfare or Financial & Property power of attorney, you'll likely want to change this.

There are three action points here:

  1. 1Notify the person currently holding power of attorney If you would like to make changes, make sure to notify your existing power of attorney right away. This is particularly urgent if you are reducing or eliminating their authority. You would like them to stop taking action right away, or to know that these changes are coming so that they don't make future plans. You will also have the chance to discuss your needs, and how best to tailor any changes that you're making.

  2. Put the change in writing. You can only change or revoke a power of attorney in writing. 

  3. Make new Power of attorney. Having cancelled your previous power of attorney, you will need to make new applications. These come in 2 forms, namely Health and Welfare together with Financial and Property. We can help.

Split Up Pensions

A good Financial Advisor will help you with this process. We have help in recommending advisors that we work with.

If you are currently divorcing, considering or have recently divorced, why not contact us to book a free non obligation consultation in the comfort of your own home.


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