You may already know that marriage automatically revokes all prior Wills (with a few special exceptions) in every state and territory in Australia.
But did you know that divorce does not necessarily have the same effect? Depending on where you live, your ex-spouse might still be entitled to inherit under your Will.
Further, your powers-of-attorney and advance directives are not affected by divorce at all.
If you overlook the need to get your affairs in order in an organised manner, it creates quite a mess for your family when you die or if you become incapacitated.
So here’s a few tips to help your family say “thank you”, rather than leave them a mess:
Keep your stuff in order
This is the number one estate-planning rule – one simple but crucial bit of wisdom that often gets overlooked.
You may have thought the hardest decisions associated with formalising your relationship related to organising the party and keeping uncle Fred away from cousin Merle, but here are a few other considerations…
Change of Name
Traditionally, when a woman married, she took the last name of her husband. However this is not as common as it once was, and there is no legal compulsion to do so.
The end of a relationship is tough. The loss of dreams and expectations can be heartbreaking.
When separating, every conversation becomes all about looking after the kids and dividing up your property.
However, now that you are no longer a couple, you also need to give some urgent attention to your estate planning.
Failing to update your estate planning documents can have serious consequences for you, your assets and your children.
Have you ever suspected that there might be a disconnect between social media on the one hand, and real life on the other? Yeah, me too.
And, have you noticed that the (generally anonymous) people who shout the loudest, often are bitter and judgmental about everyone that doesn’t conform to their particular bias?
So I probably shouldn’t be surprised that some people who hate lawyers are very loud on social media about making their own Wills.
Why? Because he was a busy person who preferred to have it done for him, and he believed (justifiably) that the chef in the kitchen had access to professional carving knives that would make sharper cleaner cuts than Elvis could achieve for himself.
The ‘King’ recognised the efficiency of employing a specialist to do something better than he could do for himself.
You remember the famous words “Give a man a fish and you feed him for a day, teach a man to fish and you feed him for life!”
I did a test today, and researched the cost of buying a parachute.
The prices varied between $200 for a used army surplus item, through to $10,000 for a brand new high performance competition model.
In between I found a few reputable Australian manufacturers with decades of specialist experience, quality assurance, compliance with safety certification, and transparent in-depth information about the company and their staff and processes on their website.
I get it. I’m not a kid any more, and I’m supposed to be grown-up and ‘responsible’. It’s time to “put my affairs in order”.
Thinking about making a Will just isn’t fun. No-one wants to confront their own mortality. And talking to a lawyer is boring – and expensive – right?
Plus I’d have to take time-off work to drive across town to the lawyer’s office. Finding a carpark is always a pain.
Include Pets in Your Estate Plan
Most of us consider our pets part of the family. But sometimes we don’t think about including them in plans for what happens when we die or can no longer look after ourselves.
In our law practice, we talk a lot about estate planning for families.
It’s the most common application for our services—parents want to be able to protect the money they’ve saved and the assets they’ve accrued for their children, and provide an easy way for their assets to be passed down to their children when they die.
However a person who is single with no children—or, for that matter, a childless person whose spouse has passed away—may need estate planning services even more.