WILL IN CONTEMPLATION OF DIVORCE
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WILL IN CONTEMPLATION OF DIVORCE
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Divorce can have the effect of revoking a will. This will contains special wording that will prevent a will or parts of it being revoked by divorce. Useful if a couple are consider divorce, but do not wish to change their estate planning provisions. |
WILL IN CONTEMPLATION OF DIVORCE
A will in contemplation of divorce is a legal document that is created or modified with the expectation that the testator (the person making the will) will soon be getting divorced. This type of will anticipates the legal and financial changes that a divorce will bring and is designed to address the specific concerns and wishes of the testator regarding the distribution of their assets after the divorce is finalised.
Anticipation of Divorce:
The will is made or updated with the knowledge that a divorce is imminent or planned. The testator recognizes that their current marital status will soon change and plans their estate accordingly.
Exclusion or Limitation of the Spouse:
One of the primary purposes of a will in contemplation of divorce is often to exclude the soon-to-be ex-spouse from receiving any part of the testator’s estate, or to limit their share significantly. This is in contrast to a typical will made during a marriage, which often provides for the spouse.
Revision of Beneficiaries:
The testator may wish to change the beneficiaries of their will, removing the spouse and potentially redirecting assets to children, other family members, or other individuals.
Guardianship and Custody Issues:
If the testator has minor children, the will might address issues related to guardianship, especially if the testator is concerned about the children’s future welfare after the divorce.
Updating Other Estate Planning Documents:
In addition to updating the will, the testator may need to revise other estate planning documents, such as trusts, powers of attorney, and beneficiary designations on life insurance policies and retirement accounts, to reflect their new circumstances.
Legal Considerations:
Depending on the jurisdiction, there may be specific legal implications or restrictions on changing a will during the divorce process. Some jurisdictions may have laws that automatically revoke certain provisions in a will that benefit a spouse upon the finalization of a divorce, while others might require explicit action by the testator.
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