After going through a divorce or separation your solicitor will usually recommend you update your Will, or write one if you are one of the 54% of the UK who doesn’t have a Will in place (which magazine 2018).
You will update your Will because for example you may not want your ex-spouse to inherit from you when you die, or maybe you just want them to have less than you had previously stated. You might have a new partner that you want to include or you want to amend who you have named as guardians for your children.
So once your Will is updated all of your assets on death will pass to the people you have nominated……..maybe, but maybe not. If you have a pension or a life insurance policy it’s possible that these plans are written under their own trust and you will have made a separate nomination for the treatment of the death benefits. This might be for instance your ex-partner depending on when you set up these policies.
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Updating a Will after separation or divorce
Following a separation or divorce it’s important to review the death benefit nomination forms for all of your assets to ensure any benefits are going to pass to your intended beneficiaries. It is usually free and simple to update the expression of wish form on your pension or the beneficiary form on your life cover so why wouldn’t you review it at such a pivotal point in your life?
Divorce and financial planning – our tips
Even if you are not going through a divorce it is still important you review your nomination forms as you might have completed them at a time when you were single or in a different relationship.
A pension or life insurance policy can make up a large proportion of your wealth so don’t forget it when you are updating your Will.