Make Sure You Review Your Will
Whilst divorce doesn’t automatically annul your will, it can leave it outdated and potentially lead to unintended consequences.
Citywide Wealth can help you understand how your divorce affects your existing will.
Remember, your existing will remains valid during the separation and divorce process, even before the final decree absolute is issued. This means your spouse could inherit according to your will if you pass away before the divorce is finalised. If you don’t want this to happen, it’s crucial to review and update your will as soon as you seperate.
Another important point: remarriage or entering a civil partnership automatically revokes any previous wills. Therefore, you’ll need to create a new will to ensure your wishes are reflected after your remarriage.
Passing Down Wealth to Loved Ones After Divorce
Whilst your will technically remains valid after a divorce, your ex-spouse will be treated as if they predeceased you and won’t inherit anything. This can lead to unintended consequences, especially if you haven’t named other beneficiaries.
If you haven’t updated your will after a divorce and lack other beneficiaries, your estate will be distributed according to intestacy laws, which might not align with your wishes
Citywide Wealth can help you understand how divorce affects your existing will and explore options like creating a new will or incorporating trusts into your estate plan. Trusts offer flexibility and control over asset distribution, ensuring your wishes are carried out precisely.
Did You Know?
Anything gifted to your former spouse in your will is still valid as the terms of your will remain effective until the courts grant your Decree Absolute .
After your divorce you may need to consider your inheritance tax liability.
In Northern Ireland re-marriage automatically revokes your will which could disinherit your children.
How Can Citywide Wealth Help?
The best advice is to make a new Will immediately after your divorce, especially if your ex-partner was a beneficiary or a trustee.
You do not have to wait for the final order of the divorce and can make a new Will at any time after separation, before divorce, in order to protect yourself against the aforementioned issues.
At Citywide Wealth, our bright and experienced team of experts are best placed to assist you and would be happy to discuss your circumstances with you over the phone or in person.