BARLOW ROBBINS YOUR WILL AND YOUR DIVORCE
Your Will & your Divorce How best to protect your family and your assets
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BARLOW ROBBINS YOUR WILL AND YOUR DIVORCE
Your Will & your Divorce
How best to protect your family and your assets DURING THE DIVORCE PROCESS
Your Will A divorce may take months or sometimes years to finalise and until that has happened your existing Will is still valid. If you do not have a Will in place the statutory intestacy rules mean that if you were to die before becoming divorced a spouse from whom you have decided to separate could potentially inherit all of your estate. With or without a Will in place, would that be your intention?
During the divorce process your existing Will is still valid, or if you do not have a Will in place the intestacy rules will generously benefit your spouse If you have decided to divorce, making a simple Will now helps to ensure that your estate passes appropriately on death, perhaps directly to your children or new partner.
Your Home
Your home, or your share of it, is likely to be a key asset in your divorce. Did you know that most people own their properties on the basis that upon death
their share of the property automatically passes to the survivor? Confusingly, such arrangements are called ‘joint tenancies’, for houses as well as flats. It is possible by executing a straightforward document, which requires no co-signature from your spouse, to ‘sever’ such arrangement and to create what is known in law as a ‘tenancy in common’, making it possible for your share to pass to whomever you wish. It would be sensible to take advice from your family lawyer prior to severing the joint tenancy as it may not always be appropriate to do so and depends on individual circumstances. Consideration may also need to be given to the wording of a notice of severance.
AFTER THE DIVORCE IS FINALISED
A more thorough review Once your divorce is finalised it may be appropriate at this point to carry out a more thorough review of both your personal and financial circumstances. This could include making further changes or additions to your Will, receiving Inheritance Tax advice and discussing the possibility of any lifetime tax planning opportunities.
DYNAMIC LEGAL SUPPORT FOR SUCCESSFUL INDIVIDUALS, BUSINESSES, SCHOOLS & CHARITIES
What now?
If you wish to talk about any of the information provided in more detail please contact a member of our Private Wealth & Tax team at Guildford, Woking or Godalming, or alternatively ask the lawyer advising you in our Family team to direct you to the right person.
KEY ACTIONS TO CONSIDER DURING THE DIVORCE PROCESS:
SEVERANCE OF A JOINT TENANCY Seek advice upon how to protect your share of the matrimonial home by execution of a simple document to leave you free to pass it on to whomever you wish through your Will.
PREPARATION OF YOUR WILL By making a new Will as soon as possible you are able to direct that your assets pass in accordance with your wishes, which may now have changed. For example, you may now want your estate to pass directly to your children on reaching a certain age. A new Will automatically revokes any existing Will you have in place. If you currently have no Will in place, making one now will ensure that the statutory intestacy rules do not apply to your estate.
For a personal approach to your legal requirements, contact Barlow Robbins: GUILDFORD
WOKING
LONDON
E: info@barlowrobbins.com
E: woking@barlowrobbins.com
E: london@barlowrobbins.com
T: +44 (0)1483 543210
barlowrobbins.com
T: +44 (0)1483 748500
2407 Guildford
T: +44 (0)207 0780810
@FamilyIssuesBR
This leaflet contains general information only and although it is believed to be accurate at the time of first publication, no representation or warranty is made. It may not reflect the current law or position and it should not be used as a substitute for obtaining legal advice. Subject to any liability under English law which cannot be excluded, we will not be responsible for any loss or damage whatsoever arising from your use of this leaflet. If you need legal advice, please contact a member of our Private Wealth and Tax team who will happy to assist.
BARLOW ROBBINS YOUR WILL AND YOUR DIVORCE
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T: +44 (0)1483 543210
T: +44 (0)1483 748500
T: +44 (0)207 0780810
E: info@barlowrobbins.com
barlowrobbins.com
E: woking@barlowrobbins.com
E: london@barlowrobbins.com