Divorce can be devastating and we know only too well how overwhelming it can be. Our family team offers expert, practical, yet sympathetic legal advice to help you through what is so often a difficult and emotional time.
No matter how long or short the process of divorce, as the dust settles we advise you to review any legal documents that you may have made whilst married to ensure that they reflect your current wishes about who you would like to benefit from your assets on your death.
Which legal documents should I review?
It is important to review the following documents:-
- Pension(s)
- Life Insurance / Assurance Policies
- Your will
- Lasting Powers of Attorney
Pension nomination forms
Pension nomination forms must be updated to state who you would like to receive any death benefits. Pensions pass separately to your Estate that passes under your will. They either pass in accordance with pre completed nomination forms or at the discretion of the pension Trustees. It is key that you check how your pensions are set up to ensure that your pension does not pass to your ex-spouse on your death. You must also comply with any court Order in respect of the distribution of your assets and pension interests on divorce.
Life insurance / assurance policies
As with pensions, life insurance or life assurance policies can fall outside of your Estate. It is possible for some policies to be ‘written in trust.’ In practice, what this means is that the Trustees will make payments out to named beneficiaries. You must therefore update your policies to ensure that a large payment is not made to your ex-spouse on account of the policy on your death.
Your will
After going through a divorce, the position is that if you have made a will prior to your divorce then your ex-spouse will be treated as having died before you. It means that they will not inherit unless the will is made ‘in contemplation of the divorce’ and it is clear that your intention is for your ex-spouse to retain their inheritance.
We would strongly recommend that you review your will after divorce so that your intentions regarding who you would like to inherit are clearly reflected in your will. There is a risk that an ex-spouse could bring a claim against your Estate after your death if there is an expectation that they would be provided for financially by your Estate. This would usually be the case where there has been continuing financial support and there was an expectation that they would be provided for. It is therefore important to obtain the advice of a professional as we can work with you to make sure that your intentions are clear. Although we cannot prevent a claim against your Estate, we can work with you to ensure that your wishes are clear should the matter come before a court.
Lasting Powers of Attorney
It is also key that you review any existing Lasting Power of Attorney document that you have put in place. If your ex-spouse has been named on that document as an Attorney, then they will be unable to act as your Attorney as a result of the divorce and it may be necessary to put in place new Lasting Power of Attorney documents stating who you would like to be able to deal with your finances and health and care decisions for you. It is a good opportunity to take stock and think about who you trust to be able to look after important decisions regarding your financial affairs and health and care. It is possible to appoint a solicitors firm as your Attorneys on the financial affairs document if you would prefer for your finances to be dealt with by an independent professional.
It is important to obtain expert advice to ensure that your Estate will be dealt with in accordance with your wishes on your death.
If you would like to speak to one of our Solicitors then please telephone our office on 01244 312306 and arrange for a free 10-minute consultation or an appointment.
