Divorce, ending a de facto relationship or ending a civil partnership can be emotionally difficult but have you ever thought what happens to your Will if these events occur?
Under the Succession Act 1981 (Qld), if any of the above events occur, your Will is revoked to the extent that it:
- Gives a gift to your former partner;
- Appoints your former partner as executor, trustee or guardian.
Your Will is read as if your former partner died before you. Your ‘reserve’ beneficiaries and executors named in your Will effectively replace your former partner.
Sound complicated? It is.
Rather than rely on the provisions in the Act, it is best to review your entire estate plan if one of the above events occur.
Your Will is only the beginning.
What about your Enduring Power of Attorney, the beneficiary nomination for your super fund, the beneficiary of your life insurance or the impact on jointly owned property?
Obtain legal advice so that the end of the relationship does not become the beginning of estate planning problems.