Regardless of the number of assets you have, it is vital to have a will in case of an unexpected crisis. This saves your family the time and money to go through the tiresome procedures of acquiring your assets. Having a will prepared for the future or your retirement is a good life insurance. However, there are things that could affect the validity and eligibility of your will.
One of them is your relationship status or also known as civil status. Townsville-based attorneys say that any change in your civil status warrants a change to your will and testaments. Unfortunately, most people are not aware of the effect their civil status’s have on their wills and testaments. The condition of your civil status determines the eligibility of your will.
Your will and testament need to change after marriage. This might not be an issue for your first marriage, but if you remarried and have children from an earlier marriage, it changes things. If you fail to update your will after remarrying, your estate might be awarded to your former wife. But there are also exceptions. Your will does not however become void upon marriage if it expressly states that it was prepared ‘in contemplation of marriage.’
Couples are now opting for separation rather than divorce to try work things out. Legal separation requires a court’s approval. Should you pass on when you are separated from your spouse, then your spouse inherits what is legally due to him/her and becomes the executor of your estate unless stated otherwise.
The consequence of a divorce on your will differs among states and territories. In some jurisdictions, a divorce invalidates your will automatically. In others, your divorce merely revokes the rights of your ex as executor of your estate and relinquishes any gifts left to them.
Instead of leaving the court to decode your will after your demise, make sure your intentions are always clear. Creating a new will to reflect the above relationship statuses is not time-consuming, costly or complicated with a good law firm. Remember that updating your will if need be is as equally critical as creating one.