Neglect And Apathy Comes At A Cost
There are 2 instances in which it is vital to update your Will.
If you have separated from your spouse and have not yet divorced, at law you are still regarded as married. This has enormous implications on death if you have not left a valid will.
In such a situation the law provides that your spouse will be entitled to claim your entire estate, even if you have entered into a new relationship, although your new partner may be able to apply to the courts for a share of the estate.
If you are about to marry, then the marriage generally cancels any Will that you have made prior to the marriage.
The implication is that if you die without making a new Will you will be regarded as having died intestate (without a Will) and the distribution of your estate would be made according to the intestacy laws.
This would entitle your new wife to your entire estate.
This would be particularly harsh if it is a second marriage and you intended to leave all or part of your estate to your children from the first marriage.
Disclaimer The above is for your information only. It is not legal advice, it does not purport to provide legal advice and it is not a substitute for legal advice. Your legal position will depend on your own circumstances, which differ from person to person. If you need advice you can count on Errol Berman's 32 years experience to guide you in the right direction.
Contact Errol on 9412 2493 E-mail: email@example.com