Separation and Divorce
Should I consider the provisions of my current will?
In the event of a breakdown of the domestic relationship with your spouse or partner, it is imperative that you review your Will. Whilst the Will that you have made will be revoked once you are divorced (in the case of a married couple), it is important to consider the terms of your Will prior to that event.
Husbands and wives and domestic partners frequently make mutual Wills intending to benefit each other in the event of their death. If the relationship has broken down, then it is important to reconsider those provisions as it is unlikely that the separating couple will wish to continue to benefit their spouse or partner in the event of their death.
In addition to reviewing the terms of your Will, it is also important to review what would happen to your superannuation in the event of your death. Again, in many cases, couples have made what is known as a “binding nomination” directing that their superannuation is to pass to the person they have nominated on their death. Separating couples ought revisit the directions they have given to their superannuation fund and make a new binding nomination.
Author: Peter Wilson