Do you know why it’s important to update your Will whilst going through the divorce process?
Posted on 16th January 2020 at 09:20
The importance of updating your will during divorce cannot be overstated. Three reasons to update your will during divorce are:
1) Avoid your ex inheriting your assets;
2) To appoint a person to take care of things if you're incapacitated (power of attorney) and ensure your dying wishes are taken care of (executor);
3) To make things easier for your heirs.
The main point is, you DON'T want the wrong person to benefit from your death. Unfortunately, if you fail to make a new will this could happen if you pass away before a divorce is finalised. You want to ensure the ones you love get their deserved inheritance.
You also need to consider whether it is appropriate to change the beneficiary of a life policy or who is nominated to receive payment under a pension scheme in the event of your death.
Many people make the mistake of delaying updating their Will until the divorce process has concluded however some divorces can take years to conclude and it is important for reasons set out above that you do not make this mistake.
When was the last time you updated your will? If you died tomorrow, would everything be in place?
Contact our team on 0113 2007480.
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