Impacts of Marriage or Separation on Estate Planning
Under the Succession Act 2023 in South Australia, marriage will invalidate your will, unless your will expressly states that it is made in contemplation of your marriage. Similarly, the legislation revokes provisions in favour of your former spouse unless you expressly state in your will that you do not want this to occur.
If these explanations leave you confused, do not worry. The most important takeaway from this section is that you should not hesitate to seek legal advice about your will whenever you start or end a relationship. Contact us now for a 30-minute free consultation.
Do I Need to Update My Will After Divorce?
Absolutely. Divorce in South Australia revokes the appointment of your ex-spouse as executor and prevents them from receiving gifts in your will, unless you specifically state otherwise.
If you want your former spouse to inherit your estate and act as executor despite the divorce, you need to update your will.
Remember that divorce revokes your ex-spouse as executor? If you did not appoint an alternate executor in your will, this can complicate and delay the process of administering your estate and cause significant stress for your loved ones.
Divorce often results in significant changes to finances, property, and family relationships, and the same can be said for entering into a new relationship. You should ensure that your will is updated to accurately reflect your wishes in light of these changes.
Ensure Your Will Is Clear After a Divorce or Separation
It is ideal to update your will as soon as possible after separation and divorce. You don’t have to wait until your divorce is final to update your will. You can start now by reviewing your will and making a note of any changes required for your executors, guardians and/or beneficiaries and then contact your lawyer to prepare a valid will that reflects your new circumstances and wishes.
What Happens if I Don’t Have a Will?
If you do not have a will or do not update your will after you divorce or marry, your estate may be administered and distributed in accordance with the laws of intestacy.
Without a will, you have no control over who inherits your estate, particularly if you want to leave gifts to your friends and charities. The laws of intestacy only recognise your current spouse, children, parents, siblings, and other relatives, in order of degree.
Dying intestate (without a will) often results in disputes, delays and additional costs to administer and distribute your estate. It is always best to have a will, so start the process now!
Updating Estate Planning Documents After Divorce
Your will is not the only document that you should update after a divorce.
Just as you should update your will after divorce, you should check your other estate planning documents and make any necessary changes
Your superannuation and life insurance policies may still benefit your ex-spouse if they are not updated.
An Enduring Power of Attorney and an Advance Care Directive may appoint your ex-spouse to manage your financial and medical decisions if you suffer a legal incapacity. If you don’t want this, you should consult with your lawyer and take action to update your documents now.
Trust FJS Lawyers
When divorce happens, it is normal to feel unsure of the next step. It is often overwhelming, and estate planning is an added burden. However, you don’t need to face this alone because FJS Lawyers are experienced in navigating the complexities of family law and estate planning after divorce. Reach out to us now and plan the future for you and your loved ones.