Good Morning
Marriage or divorce and your Will
Marriage and divorce can significantly impact a person’s will, and it is important to understand how these life events can affect estate planning. This newsletter is based upon the law of New South Wales.
Effects of Marriage on a Will
1. Revocation of the Will: A marriage revokes or cancels a will, unless the will was made in contemplation of that marriage. This means that if you marry after making a will, the will is automatically cancelled unless it specifically states that it was created in contemplation of the upcoming marriage.
2. Creating a New Will: To ensure your wishes are followed after marriage, it’s essential to create a new will to reflect your change in circumstances and any other desired changes.
3. Exclusions: Some provisions in a will might survive marriage if they are made in favour of the person you marry or if the will explicitly states it is made in contemplation of the marriage.
Effects of Divorce on a Will
1. Revocation of Certain Provisions: Divorce generally does not revoke an entire will, but it does affect provisions related to the former spouse. Any gifts or appointments (such as the appointment of an executor or trustee) to the former spouse are automatically revoked except where the former spouse has been appointed as a trustee for property left by the will, for the benefit of the children of the marriage.
2. Impact on Other Provisions: Other provisions in the will that do not involve the former spouse remain valid. However, this can lead to unintended consequences, such as gaps in the will where the former spouse was a key figure.
3. Review and Update: It’s advisable to review and update your will after a divorce to ensure it accurately reflects your current wishes and circumstances.
General Recommendations
• Contemplation Clauses: If you are planning to marry or divorce, consider including a clause in your will stating that it is made in contemplation of marriage or divorce, which can help preserve your intentions.
• Regular Updates: I recommend that you should review your will at least every 5 years to see whether any update is required, especially after a marriage or divorce to ensure it remains effective and aligned with your wishes.
• Legal Advice: Seek legal advice to navigate the complexities of how marriage or divorce affects your will, as laws can vary between different states and territories in Australia.
Understanding these impacts is key to maintaining effective estate planning and ensuring that your assets are distributed according to your wishes. If you or anyone you know needs assistance with such matters, please do not hesitate in contacting me.
Wishing you a wonderful day
Jeffrey Choy
0419 233 670
Please click to see more HERE
Liability limited by a scheme approved under Professional Standards Legislation
Legal Disclaimer: This guide is for informational purposes only and does not constitute legal advice.