ESTATE PLANNING
THE IMPORTANCE OF REVIEWING YOUR ESTATE DURING SEPARATION
Upon separation, we recommend that you review your estate plan, so that your former partner does not benefit (against your wishes) from your estate if you suddenly pass away.
To that end, we recommend attending to the following:
- Review your will to ensure that your former partner does not benefit from your estate if you no longer intend for that to be the case. If you do not have a will, we strongly recommend that you get a will drafted.
- Review your power of attorney (‘POA’) to ensure your former partner does not have the authority to make legally binding decisions to manage your assets and financial affairs on your behalf if you are unable to do so. If you do not have a POA, we strongly recommend that you get a POA drafted.
- Review your superannuation fund details, beneficiaries and balances, and remove any authority for your former partner to act and/or transact if necessary.
- Review your life insurance policy details and beneficiaries, and remove any authority for your former partner to act and/or transact if necessary.
- Revise your Medicare and health insurance policies, particularly if children are involved. If necessary, seek independent specialist financial advice about any implications of changing health insurance policies.
If you require assistance with any of the above tasks, please do not hesitate to contact our Wills & Estates team.
EFFECT OF DEATH ON PROPERTY PROCEEDINGS
Provided that proceedings have already been commenced, property settlement proceedings (not inclusive of spousal maintenance issues) can be continued by or against the executor of a deceased party.
In those circumstances, the court can continue to make a final property order as if the deceased party had not passed away. Any order will then be enforceable by or against the deceased party’s estate.
Property proceedings cannot be instituted after one party passes away. If either you or your former partner is considerably ill, we strongly recommend that proceedings be commenced at the earliest opportunity to preserve any claim. If you have not filed an application to commence proceedings and you suddenly pass away, your predecessors will be unable to commence proceedings on your behalf. If both parties to the proceedings pass away, the proceedings will be vacated.
CONTACT US
For any additional information about the effect of death on property proceedings, please contact our family law department.
Contact our expert Family Law Estate Planning team today.
What Is Important To Review In My Estate Plan After Separation?
We recommend reviewing the following in your estate plan after separation.
- Will
- Power of Attorney (POA)
- Superannuation
- Life Insurance
- Medicare and Health Insurance
If you would like to speak further on this, please do not hesitate to contact our team.
What Should I Do To Update My Will?
It is important for you to review your Will to ensure that your former partner will not benefit from your estate if that is no longer what you wish for. If you do not have a Will we strongly recommend that you have one drafted. Contact Ramsden Lawyers today for assistance with updating your Will or creating your Will.
Do I need to update my power of attorney (POA)?
We recommend that you review your power of attorney (POA) to ensure that your former partner no longer has the authority to make legally binding decisions on your behalf regarding your assets and financial affairs. Furthermore, if you do not have a POA, we recommend that you get one drafted. Contact us for assistance on this, our experienced team is here to make sure your wishes are protected.
