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Why do I need to think about a Will when I separate?

Why do I need to think about a Will when I separate?

Why do I need to think about a Will when I separate?

There are a number of reasons why it is important to write a will. This article will explore why it is important to think about a Will when going through a separation/divorce.

Some of the main reasons are:

  1. To ensure your assets will pass in accordance with your wishes and are not diverted away from your family;
  2. To make provision for a guardian; and;
  3. To give yourself some peace of mind.

When you are separating from your husband or wife there are so many different things to think about, from the practical arrangements to the financial settlement, and we are here to help and support you to resolve these issues.  Against this backdrop it is very easy to forget about your Will, but this is an important element to consider at the beginning of a divorce or dissolution process.

If you don’t have a Will, then your husband/wife, as your next of kin, will inherit a significant proportion of your estate in accordance with the Rules of Intestacy if something were to happen to you before a divorce is finalised.  On first consideration you may be content with this, but there is no guarantee that the part of your estate that passed to your husband/wife will eventually be inherited by your chosen beneficiaries, for example your children.  Your husband/wife can choose to leave their estate, including the assets they inherited form you, to whomever they choose. Making sure you have an effective Will in place is an important safeguard against this risk.

If you already have a Will, then it is very likely that you have gifted a significant part, if not all, of your estate to your husband/wife.  This may no longer be suitable for your circumstances.  Your Will is not revoked automatically upon divorce, but your spouse is treated as having predeceased you.  This can cause a whole host of issues to your estate and for this reason it is useful to review your Will at the beginning of the process to ensure that your estate, including the assets you receive as part of a financial settlement, will pass in accordance with your wishes.  It will also allow you to choose a Guardian if you, and your husband/wife, should die whilst they are still minors.  You may have already appointed a Guardian but feel this choice is no longer suitable if relations have since broken down.

Putting a suitable Will in place when you separate can give you peace of mind and be the first step towards your financial future.  The boost of being able to tick something off your to do list when so many financial matters may be up in the air should not be underestimated either! With your new Will in place, you can focus on reaching a financial settlement as part of your divorce/dissolution.

Speak to our Family Law and Wills, Trusts and Probate experts

At IBB Law our specialist solicitors can help you put a suitable Will in place whilst your divorce solicitor progresses your divorce/dissolution.

For more information please contact Jessica Jupp on jessica.jupp@ibblaw.co.uk or 01344 294135, and Michael Charalambous on michael.charalambous@ibblaw.co.uk or 01895 207 910.