What Happens To Your Will If You Separate From Your Partner?
Your Assets
Did you know that if you have a Will this is not revoked if you separate? This means that if you have a Will leaving gifts to your estranged partner and you die before the divorce is finalised, the Will would be valid and your assets might end up passing to the last person you would want to benefit.
Also if you do not have a Will, the law sets out who will inherit your estate under the Intestacy Rules. Under the Intestacy Rules the bulk of your assets will automatically pass to your spouse or civil partner. The act of separation does not alter the Intestacy Rules and you remain married in the eyes of the law until the Decree Absolute is obtained. If you die without a Will before the divorce is finalised therefore your former partner will still have full rights over your estate.
With this in mind is it is essential to make a new Will when you separate from your partner, to avoid unwanted consequences if you die during the divorce process.
At Gibson & Co we are experts in the drawing up of Wills and a basic Will can be drawn up to protect your estate from as little as £75 plus VAT.
Your House
The vast majority of married couples in this country own their matrimonial home as joint tenants. This means that if one partner dies the whole of the property passes automatically to the surviving joint owner, and does not pass into the estate of the one that dies.
Therefore if you die after splitting up with a partner, but before the house is sold, your estate could lose out and the whole of the matrimonial home could automatically pass to your estranged partner.
This danger can be eliminated by a relatively straightforward procedure to sever the joint tenancy, which would protect your share in the property in these circumstances.
For as little as £50 plus VAT and disbursements Gibson & Co could safeguard your share of the family home for your estate.