Published on: 22nd July 2024

Marital Changes and Your Estate Plan: A Crucial Connection

Life's major milestones, such as marriage or divorce, can significantly impact your financial future and that of your loved ones. It's essential to understand how these changes affect your estate plan.

Marriage: A Fresh Start for Your Estate

Many people are surprised to learn that simply getting married can invalidate an existing Will. Without a new Will in place, your estate will be distributed according to intestacy laws, which may not align with your wishes. This means your new spouse could inherit everything, potentially disinheriting your children or other loved ones.

To protect your assets and ensure your wishes are honoured, it's crucial to update your Will after marriage. Our estate planning consultants can guide you through this process and help you create a plan that reflects your new life and priorities.

Divorce: Rebuilding Your Estate Plan

While divorce doesn't automatically invalidate your Will, it does alter its implications. Your ex-spouse will be treated as if they've passed away, affecting their role as executor or beneficiary. Specific gifts intended for your ex-spouse will fail and fall into your residue. If they were appointed as an executor, then they will no longer be able to act.

It's essential to review your Will promptly after divorce proceedings begin. Remember, legal changes take effect only after the decree absolute is issued, so your ex-spouse may still have rights to your estate until then.

Beyond the Will: Lasting Powers of Attorney

Divorce can also impact your Lasting Powers of Attorney (LPAs). These legal documents authorise someone to make decisions on your behalf if you're unable to. Your ex-spouse may no longer be able to act as your attorney, and in certain cases terminate the LPA.

Reviewing and updating your LPAs after divorce is crucial to ensure they accurately reflect your wishes and are legally valid.

Protect Your Future

To safeguard your assets and ensure your legacy is protected, it's essential to review your estate plan whenever your marital status changes. Our consultants can provide comprehensive guidance on updating your Will, Lasting Powers of Attorney and addressing potential inheritance tax implications.

If you would like to speak with one of our Consultants to discuss any of the issues raised in this article or any other Estate Planning topic please telephone 01732 868190 or click here.

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If you wish to give instructions or require general information about our Wills, Lasting Powers of Attorney, or Trusts then we will carry out a telephone or Zoom appointment.

However, if you wish to give instructions to one of our Consultants and you feel that you can only do this at a Face to Face meeting then we are offering, at our Consultant’s discretion, a limited number of Face to Face appointments in most of the areas we normally cover. To see the areas we normally cover please click here.

To arrange an appointment please telephone 01732 868190 or click here.

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