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Discover crucial tips for crafting a legally sound will during divorce proceedings in the UK.
Key Takeaways:
• Don't include conditional gifts or rules, as they can cause legal headaches and may not be enforceable. If you wish to do this, ensure that your Will is drafted by either a professional Will writer or practising solicitor to ensure this is included correctly.
• Never try to leave money or assets directly to pets, as they can't legally inherit in the UK. If you wish to make a legacy of this nature, you may wish to consider leaving the money or assets to a charity, such as the PDSA or Cat’s protection.
In today's post we're going to cover what you should never put in your will and what you should.
Divorce can throw a spanner in the works when it comes to your will. In the UK, about 100,000 couples divorce each year, and a shocking 10% of these cases involve Will disputes. It's crucial to understand how divorce affects your estate planning.
Contrary to popular belief, divorce doesn't automatically cancel your will. However, it does change how certain parts work. For instance, any gifts to your ex-spouse become void, and they can't act as your executor anymore. Sadly, about 65% of people forget to update their Wills after divorce, which can lead to nasty surprises later on.
While you're in the thick of divorce proceedings, it's wise to make some stopgap measures. Separation agreements can be a lifesaver here. They let you sort out your estate temporarily while you're waiting for the divorce to finalise. On average, UK divorces take about 6 months to complete, but only 30% of couples make these temporary arrangements
Once the dust settles, it's time to give your will a proper overhaul. You'll need to pick new beneficiaries and executors. Be careful though – many people make mistakes here, like forgetting to remove their ex-spouse's family members. About 70% of divorcees change their main beneficiary, with children and new partners being the most common choices.
If you have kids, their wellbeing should be your top priority. Guardianship appointments and trusts can help safeguard their future. Don't forget about step-children or children from previous relationships – they might need special consideration. Each year, around 100,000 children in the UK are affected by divorce, but only 40% of parents make specific provisions for them in their Wills.
Shared assets can be a real headache during divorce. Understanding the difference between tenants in common and joint tenancy is key. In most UK divorces, courts aim for a 50-50 split of assets, but this can vary. The average UK divorce involves shared assets worth about £120,000, with the family home often being the biggest bone of contention. It is always best to seek advice from a qualified solicitor, who will be able to advise you on how to sever your joint tenancy, to ensure any jointly owned assets are dealt with in accordance with your wishes.
Remember, what you put in your will during a divorce can have far-reaching consequences. It's always best to seek professional advice to ensure you're not making any costly mistakes.
Writing a will can be tricky, especially during a divorce. Many people make mistakes that can cause problems later. In fact, about 30% of Wills in the UK contain errors. Let's look at some common blunders to avoid.
Life changes, and so should your will. Divorce is a big reason to update your will. But many people forget. In the UK, only about 40% of people update their Wills after major life events. An outdated will can lead to your ex-spouse getting things you didn't mean to give them.
Try to review your will every 3-5 years, or after big changes like:
An executor manages your estate after you're gone. If you have kids, a guardian looks after them. These roles are crucial, but 20% of UK Wills don't name an executor, and 40% don't name a guardian for children.
Without these, the court steps in. This can be slow and costly. It's even more important during divorce when you might want to change who handles these roles.
Inheritance tax can take a big chunk of your estate. In the UK, it's currently 40% on anything over £325,000. But there are ways to reduce this. Gifting assets and setting up trusts can help lower the tax bill.
Divorce can change your tax situation. You might lose some tax benefits you had as a couple. About 5% of UK estates pay inheritance tax, but it's worth planning for.
Your will must be signed and witnessed correctly to be valid. In the UK, you need two witnesses who aren't beneficiaries. They must see you sign the Will.
It sounds simple, but about 10% of Wills are invalid due to signing errors. During COVID-19, new rules allowed video witnessing, but it's best to do it in person if you can.
DIY Will kits are cheap and easy, but they're not always the best choice. About 30% of UK adults use these kits. They might work for simple situations, but divorce often makes things complicated.
DIY kits can miss important details. They might not cover all your assets or deal with complex family situations. A badly written Will can cost your family a lot in legal fees later.
Remember, what you put in your Will matters. It's not just about what to include, but also how you do it. Avoiding these common mistakes can save your loved ones a lot of trouble in the future. If you're unsure, it's always best to get help from a legal professional.
After a divorce, updating your Will is crucial. About 70% of UK adults update their Wills following a divorce, ensuring their wishes are clear and up-to-date. Let's explore what you should include in your post-divorce will.
Being clear about who gets what is vital. The average UK Will contains 4-6 specific bequests. When describing items, be precise. For example, instead of "my jewellery," say "my diamond engagement ring from 1995." This clarity helps avoid disputes later.
For sentimental items or family heirlooms, consider their emotional value. You might want to leave your grandmother's china to your daughter, even if you're no longer with her father. Remember, it's your choice now.
If you have children from a previous marriage, they need special attention in your Will. About 25% of UK families are blended, and it's important to provide for all your children fairly.
Consider setting up a trust for these children. This ensures they receive their inheritance, even if you remarry. You could also use a life interest provision, allowing your current partner to use assets during their lifetime before they pass to your children.
After divorce, you'll want to safeguard your assets. Trusts are used in about 30% of post-divorce Wills to protect significant assets. They can ensure your wealth is used as you intend, even after you're gone.
For assets acquired after divorce, be explicit about who should inherit them. This is especially important for high-value items like property or investments.
Family disputes over Wills are sadly common, with about 15% of UK Wills being contested.
Clear communication is key. Consider writing a letter explaining your decisions to accompany your will. This can help family members understand your choices and reduce the likelihood of disputes.
Blended families require careful planning. About 40% of marriages in the UK are remarriages, often creating complex family structures.
Balance is crucial. You might use a life interest trust to provide for your current spouse while ensuring your children ultimately inherit. Or consider mirror Wills, where you and your partner agree not to change your Wills without the other's consent.
Remember, your Will should reflect your current situation and wishes. By including these essential elements, you can ensure your estate is handled exactly as you intend, providing for all your loved ones fairly and minimising potential conflicts.
When going through a divorce, getting your Will right is crucial. That's where professional legal advice comes in handy. Let's explore why it's worth considering.
A solicitor-drafted Will can save you a lot of bother. Only 2% of solicitor-drafted Wills are contested, compared to 15% of DIY Wills. Solicitors know the ins and outs of the law, helping you avoid common pitfalls.
They can ensure you don't accidentally include things in your Will that could cause problems later. For example, they'll make sure you don't try to leave assets you no longer own after the divorce.
Divorce often leads to tricky family setups. A solicitor can help you sort through these. They can advise on:
About 40% of estate planning cases involve complex family situations. A solicitor's experience can be invaluable in these cases.
A solicitor will make sure your Will ticks all the legal boxes. They'll ensure it's:
This attention to detail matters. Nearly 10% of Wills are declared invalid due to simple errors. A solicitor can help you avoid being part of that statistic.
Probate solicitors can be a big help when it's time to sort out the estate. They can:
About 60% of UK estates use probate solicitors. On average, they can cut probate time by half, from 12 months to 6 months.
Yes, using a solicitor costs money upfront.. But think about the potential savings:
Consider this: the average cost of resolving a contested Will is £15,000. Suddenly, that up front payment for a solicitor-drafted Will looks like a bargain!
Remember, what you leave out of your Will is just as important as what you put in. A solicitor can help you get it right, ensuring your loved ones are taken care of exactly as you wish. At Zeus Family Law we also prepare Lasting Powers of Attorneys on a fixed fee basis. If you wish to obtain more information about this service or wish to have a Lasting Power of Attorney prepared, please visit get in touch with us here.
Answer: Digital assets are tricky to include in wills. It's best to use a separate digital estate planning service to handle these assets.
Answer: No, pets are considered property in the UK. Instead, consider setting up a trust or leaving money to a caretaker for your pet.
Answer: Aim to review your will every 3-5 years or after major life events like marriage, divorce, or having children.
Answer: Joint assets usually pass to the surviving owner, regardless of what's in the Will. It's crucial to update ownership details during divorce proceedings.
