When planning for the future, a Will is important for deciding how your assets are distributed after you die, while a Power of Attorney lets others manage your affairs if you're unable to. A Will helps guide your loved ones after you're gone, and a Power of Attorney ensures your family can care for you according to your wishes during your lifetime.
People often revise their Will due to significant life events such as:
The circumstances which require a change in your Power of Attorney include:
Life is unpredictable, and circumstances can change drastically. One significant event that can alter the validity of a Will is divorce. Divorce invalidates a Will, but separation does not. This means that after separation, a former spouse may still claim against your estate, and any designations in your Will (e.g., beneficiary, executor, or guardian) remain valid. To ensure your Will reflects your current wishes, it's crucial to update it immediately after separation, as divorce and separation can occur years apart.
Where your Will names your former spouse the executor or guardian for your children, those roles might also be invalidated or not appropriate. After a separation, you may want to reconsider these appointments, especially if the relationship with your former spouse is difficult or if circumstances have changed.
Since a Will is automatically invalidated after divorce and circumstances change after separation, it's important to update your Will after both events. This ensures your assets go to those you choose, and your estate is managed by someone you trust. If you don't update it, your assets might not be distributed as you want, leading to possible legal issues for your loved ones.
Separation and Divorce are significant life events that can have a profound impact. By understanding how separation and divorce affect your Will and taking proactive steps to update your documents, you can ensure that your wishes are respected and that your loved ones are taken care of according to your intentions. It is always wise to consult with a legal professional to navigate the complexities of life after separation and divorce and to ensure your plans are legally sound and up-to-date.
Please contact Jovana Christides of our office if you have any questions or wish us to take care of preparing these important documents for you -jovana@familylawlife.com.au
