Marriage is entered to last a lifetime. No one plans to divorce, but life happens, and many couples find themselves in a position where divorce is the best or only option. So, what happens to your will, and when should you change it during the divorce process? Read on to find out.
What to Consider
Divorce is an emotional and potentially stressful event. Even when everything seems amicable and straightforward, there are many things to consider throughout the sometimes lengthy divorce process. It is important to update your will when you get a divorce to ensure your final wishes regarding your assets and estate are adhered to. This may feel like a small thing to consider in an already stressful time, but it is important. Executing your final wishes will become more difficult if you decide not to revise your will.
All appointments and gifts provided to your ex-spouse, including guardianship and executorship roles, will stay in effect until your divorce is finalised. Unless you obtain an absolute decree, these terms will still be in effect even if you were apart for a long time before your legal separation.
Death Before Divorce Finalisation
A divorce is not considered complete until you receive the decree absolute since it occurs in phases. The law will still recognise all appointments and gifts made to your spouse in your prior will if you die before your new will is executed.
The laws of intestacy will apply if you pass away without a will, but they will behave differently. Rather than passing through your family, the estate will go to your ex-spouse if you are childless. A portion of your fortune will be given to your children if your worth exceeds £270,000.
In Conclusion
You must amend your will after every major life event, including death, birth, marriage and divorce. This will mean your appointed executors and beneficiaries are up to date and will have fewer issues dealing with your estate if you pass away. Therefore, having a will is essential to avoiding this issue. Having a valid and up-to-date will is the only way to ensure your wishes are carried out.
To inquire about drafting a will, get in touch with Braintree Wills.