When most married couples execute wills and other estate planning documents, they generally leave the majority of their assets to their spouse. Further, they name their spouse as the decision maker for financial and health matters if they become incapacitated.
In the event of separation, rarely would each spouse intend for this to continue to apply.
Therefore, there are a number of things that a person can and should do after separation to make sure that their assets are protected and unwanted consequences avoided. These are as follows:
• Finalise property settlement matters sooner rather than later.
• Change the ownership of any jointly owned property from joint tenants to tenants in common. This gives control to each person to deal with their share of joint property according to their will.
• Prepare a new will appointing a new executor and beneficiary.
• Prepare a new Enduring Power of Attorney in relation to decisions about personal and financial matters appointing a new person to make those decisions.
• Change any binding nominated beneficiary under a superannuation plan.
At C + K Family Lawyers, we are pleased to announce that in response to client needs and enquiries, our services have been extended beyond only family law. We are now able to assist you with wills and estate planning also.
If you would like to discuss any of the above matters, then please contact Christopher Jones on 3161 2762 or 0423 776 288.