Marriages, having a child, moving out of state, or divorce are all events that should inspire you to evaluate your existing will with a wills and probate lawyer Singapore. It is critical to update your will at these times to ensure that your estate planning is current.
You risk having your assets allocate to your ex-spouse if you neglect to revise your will following a divorce.
Important notes:
- Your will specifies beneficiaries who will get your assets when you die, appoints an executor to oversee the estate distribution procedure, and, if required, chooses a guardian for your children.
- Many states have regulations in place that make it illegal to give presents to a former spouse after a divorce, but it’s best not to rely on them.
- After a divorce, you’ll want to amend your beneficiary designations, add or remove property that was transferred during the divorce, and update your designate executor
Why Do You Need a Will?
Some people feel that wills are just for the wealthy or those with complex assets.
However, having a will has the following advantages (not restricted to, of course):
- You have control over who receives your assets. You have total control over who gets what and in what amounts.
- You can keep your valuables safe from people who don’t want them.
- You have the option of choosing who will care about your children. If there is no will, the courts will decide.
- You can plan to save money on estate taxes by allowing your heirs to access your assets more promptly and conveniently. You can also lower the estate tax by making gifts and charitable contributions.
How divorce can affect gifting transactions?
Many jurisdictions have regulations that immediately remove gifts to a former spouse included in a will following a divorce. Any provision in a married person’s will that affects that person’s spouse becomes null and void upon that person’s divorce or the dissolution or annulment of the marriage. Unless the will or the dissolution or divorce decision clearly states otherwise, the will is administered and construed as though the former spouse died at the time of the dissolution, divorce, or annulment of the marriage.
Some jurisdictions go even farther, allowing presents to ex-spouse’s family members to be revoked. Gifts to former stepchildren would be canceled after your divorce if you live in a state that has such a statute. Any terms of the will, including all fiduciary appointments, must be interpreted as if the testator’s former spouse and each relative of the former spouse who is not a relative of the testator died.
If you named substitute beneficiaries in your will, the gifts would often go to them. If you don’t select an alternate beneficiary for a gift by talking to a recommended divorce lawyer Singapore, the assets will go to the person you specified in your will as a residual beneficiary.
However, relying on state law in these situations is not a good idea. Furthermore, because you are still officially married during the divorce procedure, you may choose to change your beneficiaries with a wills and probate lawyer Singapore before the final divorce judgment.
Your Will’s Beneficiaries:
Most married people leave everything to their surviving spouse in their will. If your will presently reads like this, be sure to remove your ex-spouse as a beneficiary and replace him or her with someone else. This might be a family member, a friend, or your child or children (if you have any).
However, many assets are transfer without the need for a will. Bank or insurance paperwork is used to transfer assets. As a result, changing the beneficiary designation on such documents is crucial.
Transfers of Property:
You’ll also need to alter your will to reflect any new or lost property throughout the divorce. If you have assets included in your will, make careful to alter them to reflect any changes that have occurred as a result of the divorce.
Your Will’s Executor:
An executor is in charge of distributing your estate by your preferences. It’s better to appoint a new executor if you don’t want your ex-spouse to handle your personal affairs. Some jurisdictions have regulations that make it illegal to designate an ex-spouse as executor, but its better not to rely on them.
Your Minor Children’s Guardian:
If you and your ex-spouse have children together, you should revise your will to name a guardian in the unusual event that both of you are unable to parent your children. Your children will almost certainly be raise by your ex-spouse in the case of your untimely death.
If a parent has a major and continuous issue, such as child abuse, jail, or addiction, they may be ruled unsuitable. If you feel your ex-spouse is an unsuitable parent, one place to start gathering proof is in your will.
How do you keep your will up to date?
You can make some changes to your will according to the circumstances or you may create a new one.
As your divorce will make several modifications to your will, the simplest alternative may be to prepare a new will with a will and probate lawyer.
You can either physically cut up your old will or stipulate in your new will that all prior wills be cancel. Because of the newer date, the present will takes precedence over the previous will.
You can utilize a software application. To make your will somewhat more particular to your situation or speak with a will and probate lawyer. Follow a conventional structure.
Is it possible to modify your will before the Divorce verdict is passed?
You can amend your will or estate plan at any time, even. If you are legally married until a court writes a divorce judgment. The laws differ and depending on the sort of estate plan or will you have.You may be able to make some adjustments right away.
Others may need you to notify your soon-to-be-ex and file papers with the court before making changes. Finally, there are some things you can’t do until your divorce is finalize.
How should you change your will after divorce?
Start anew with your divorce lawyer Singapore by canceling your previous will. In your initial will, you most likely left everything or nearly everything to your spouse. If your original selections do not outlive you, start over with new beneficiaries and alternates.
Is your Ex able to oppose your will?
Yes. A former spouse or partner’s will might be challenge by an ex-spouse or even an ex-de facto partner. The court’s interpretation of a range of criteria, including what was in the divorce settlement . Any other legal agreements between you, will determine whether the challenge is successful.
Conclusion
In the case of your untimely death, don’t count on the law to uphold your preferences. If you don’t want your assets to be transfer to your ex-spouse. Divorce agreement doesn’t necessitate it.Make sure you express it in writing.
Beneficiaries, executors, property, and guardianship of young children are all critical issues to update in your will. If you have special concerns about your divorce and will, seeing an estate planning attorney may be advantageous.
