Structure: Planning Your Estate When Life Changes
At separation.me, we understand the importance of updating your estate plans, especially when experiencing significant life changes like re-partnering or re-marrying. Estate planning ensures that your assets are distributed according to your wishes and protects the interests of your loved ones.
Considerations for Re-partnering or Re-marrying
When you remarry, your previous Will becomes invalid, and your current spouse may automatically become the primary beneficiary of your estate. If you want specific people, such as children from a previous relationship, to inherit, it’s essential to update your Will to reflect these wishes.
In some cases, a de facto partner may not automatically be a beneficiary, so you’ll need to include them in your Will if you want them to inherit. Property ownership structures, such as joint tenancy, may also impact inheritance rights, as assets may pass directly to your partner rather than your children.
Protecting Children’s Interests
To secure your children’s inheritance, you may consider trusts or property structures, like “tenants in common,” that allow you to control the distribution of assets.
The Importance of Having an Up-to-date Will
Dying without a valid or current Will can create challenges for your family and lead to disputes. Regularly reviewing and updating your Will, especially after significant changes in your relationship status, ensures your wishes are respected.
Key Takeaways
- Estate and Will laws vary by jurisdiction.
- Marital and de facto relationships impact inheritance rights.
- Consider structures to protect your children’s inheritance.
- Always seek professional legal advice when updating your Will or estate plan.
With separation.me, you have guidance to structure your estate effectively, ensuring your assets are distributed as intended and your loved ones are protected.