|
Is writing a Will important when parties are going through a divorce? Why is it necessary to review your Will as soon as proceedings start? |
|
|
|
|
Written by Edith Holt
|
|
Monday, 11 October 2010 00:00 |
|
There are many reasons why it is important to write a Will or for you to review your Will during divorce proceedings. The main reasons are as follows:-
- Separation with an existing Will – if you are still legally married or in a civil partnership i.e. prior to the divorce being finalised, property and any gifts bequeathed will still pass on as per the terms contained in your Will. Therefore, if you are separated and do not want your spouse or civil partner to be included in the Will then you may consider at this stage to make a new Will. Please be aware that even if you draft a new Will leaving your spouse and civil partner out of your Will, they may still be able to make a claim against your estate. However, they will have to show that they are financially dependant on you in order to make such a claim.
- Separation without a Will – if you die without a Will being made, then the rules on intestacy will apply. Where a person dies intestate, the estate is shared amongst the family according to certain rules:
- Where there are surviving children, the spouses receives a 'statutory legacy' of £250k and an interest for life in half the rest of the estate
- If no children, but there are surviving close relatives, the spouse receives £450k and half the balance absolutely.
- If none of these applies, the spouse takes the whole estate absolutely.
- In the absence of a surviving spouse/civil partner or descendants of the deceased, his or her parents, siblings or remoter blood relatives inherit, in order or priority. Certain family members and descendants may apply to the court if they believe that reasonable financial provision has not been made for them under either their will or the rules of intestacy.
- Post Divorce with an existing Will – a divorce treats former spouses or civil partners as if they were omitted from the Will. No gift will pass to them, and even if they are named as executors they cannot act as such. However, the rest of Will remains valid.
Following the divorce, parties are entitled to remarry. Marriage revokes a Will unless the Will was made in contemplation of the new marriage. As a result you could find that you are in a situation where you have no Will at all and the intestacy rules would apply. Therefore, it is important at this stage to consider writing a new Will or reviewing your existing Will
A recent survey found that 56% of people do not have a Will. Statistics also show that one in three adults die without making a valid Will. Cohabitation, divorce and re-partnering have all increased. Without a Will, co-habitants will have no entitlement to share of their partner's estate under the current rules of intestacy and their claims for family provision are limited to maintenance.
Parties who go through the separation and/or divorce are likely to find the process daunting and stressful. There are many factors to consider and many decisions to make. Many parties leave making a Will or reviewing their Will for another day even though it is a relatively straightforward process. If you want to leave your property, money and other assets to the people you want then do not delay in making a Will.
- Edith |
|
Last Updated ( Friday, 29 April 2011 17:25 )
|