Do I Need To Make A New Will After Getting Divorced?

Divorce is a never-ending stream of paperwork. It is tick-lists and replying to emails. It is filling in forms and having uncomfortable conversations. And it is protecting your future and securing your financial freedom. Finally, it is about safeguarding your children’s futures. This means thinking about worst-case scenarios. Making a will is one of those jobs we put off and put off because we don’t want to think about any circumstances in which it might be needed. But making a will after you get divorced is in the best interest of your children and loved ones. Here’s why. 

While divorce doesn’t automatically invalidate your existing will, it’s really important to update any existing will to reflect your new circumstances. After divorce, your ex-spouse is treated as if they had died before you for inheritance purposes, which can have serious implications for your estate. If you don’t update your will, parts of your estate could fall under intestacy rules, potentially jeopardising inheritances for your children or any new dependents.

There’s a whole chapter on legals in How To Be A Happy Single Parent

What If You’re Not Divorced Yet?

Even if your divorce isn’t finalised, it’s advisable to update your will during separation. Until the decree absolute is granted, your current will remains in effect, meaning your soon-to-be-ex spouse could still inherit as specified in your old will.

How do I update my will to reflect co-parenting arrangements?

When updating your will to reflect co-parenting arrangements, these are some of the things you need to think about.

1. Guardianship: Nominate a guardian for your minor children in case both you and your ex-spouse pass away. While your co-parent would typically gain custody, naming a guardian ensures your children’s care if neither parent is available, or expresses your wishes should your co-parent want to share care in your absence.
2. Executor appointment: If your ex-spouse was previously named as executor, choose a new one. Consider appointing someone who can work effectively with your ex-spouse in managing assets left to your children, such as a family member or mutual friend.
3. Specific instructions: Include clear instructions about how you want your assets to be used for your children’s benefit, taking into account your co-parenting arrangement.

How do I protect my child’s inheritance in a will post-divorce?

To protect your child’s inheritance after divorce, consider the following instructions for a new will.

1. Set up a trust: Consider establishing a trust for your children’s inheritance. This can protect their financial interests and ensure the funds are managed responsibly until they reach a specified age.
2. Appoint trustees: Choose trustees who will manage the trust in your children’s best interests. This could include family members, friends, or professional trustees.
3. Specify distribution: In your new will, outline how and when you want your children to receive their inheritance. This could include provisions for education, healthcare, or other needs.
4. Consider your ex-spouse’s role: Decide whether your ex-spouse should have any involvement in managing assets left to your children. In some cases, it might be beneficial to name them as a co-trustee, but you do not have to do this. 

What other things do I need to think about before making a will?

You may also want to think about life insurance or how your co-parent will afford to look after your kids if anything were to happen to you. If you’re required to pay maintenance to your ex-spouse or children, consider how this will be funded if you pass away. You might need to make provisions in your will or set up life insurance policies to cover these obligations.

You should also reassess any jointly owned properties or accounts that are being split in the divorce. You may need to change how these are held or specify how you want your share to be distributed in a new will. 

You may also need to update beneficiary designations on life insurance policies, retirement accounts, and other financial products that pass outside of your will.

You should also be aware that your ex-spouse may still be able to make a claim on your estate if they can show they were financially dependent on you. You may want to include provisions in your will to mitigate potential claims under the Inheritance Act.

Here’s How To Make Your New Will

1. You may want to consult a solicitor, particularly if you have complicated assets or questions around making the change from married to divorced when it comes to drawing up or altering your will. 
2. Whether you have made a choice on legal aid, you will need to formally revoke your previous will to avoid any confusion about which document represents your current wishes.
3. Nexy you will need to work with or without a solicitor to draft a new will that accurately reflects your post-divorce wishes and protects your children’s interests. You can use a DIY will-making service that guides you through the process if you want to find the middle ground between legal guidance and going it alone. 
4. Sign your new will in the presence of witnesses as required by UK law to make it legally valid.
5. Keep your new will in a secure location and inform your executor of its whereabouts. If you use a will-making service they will file and store it for you accordingly. 
6. Finally, remember to review and update your will periodically, especially if there are significant changes in your family circumstances or financial situation.

Congratulations on this next step, and good luck reaching the end of that to do list. You’ll get there eventually, I promise. 

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