Do I need a new Will?
Chances are that if you are reading this ebook you are contemplating separating or have recently separated. In short, you need to update your Will and this should be one of the first things that you attend to at this time.
We recommend that you turn your mind to having a new Will drawn at pinnacle times in your life such as the commencement or breakdown of a de facto or spousal relationship.
Various Estate law in Australia (each State differs) may provide for your spouse or de facto partner to be appointed as an Executor or Beneficiary of your Estate if you do not have a Will. Separation is not sufficient to revoke any Will that you have in place.
Divorce may revoke any Will but for absolute clarity and to avoid your Estate being distributed under the laws of intestacy, we recommend that you have a new Will drawn on separation. You want to ensure that you are able to appoint not only your beneficiaries but also your Executor (the person responsible for administering your Estate).
If you have children from another relationship, it is particularly important to have a new Will drawn at the commencement or breakdown of a new relationship if you want to ensure that your children are nominated beneficiaries.
Can’t I just draft my own Will?
Will Kits can be purchased online and at various shops. We are not fans of the Will Kits and recommend that you obtain legal advice. The Wills and Inheritance legislation in Australia has strict requirements in relation to the preparation of Wills. If the Will does not follow the strict requirements of the legislation then your Executor may be left with the stress and expense of having to prepare additional documents and swear additional affidavits to obtain a grant of probate from the Supreme Court. Preparation of a legally binding Will is one of the most cost effective measures you can take at this time.
We have competitive pricing for the preparation of Wills and Estate packages and also have an Estate Package eBook which you may find useful as it provides further and better detail around the importance of updating your Estate documents post separation).