Getting divorced? You need to update your will

It's very important to update your will during the divorce process.

When you're getting divorced, you have an awful lot of different things to think about. And while it might not be at the top of your priority list, it's important to update your will.

This has been reinforced by Co-operative Legal Services, which has launched a new will service to help divorcing couples do just that. 

A Family Break-up Will allows people who are going through divorce proceedings to quickly and legally adapt their will, at a cost of £145 plus VAT. It can then be updated as many times as you like over the next 12 months.

So just why is it so important to get that will changed?

You're still married in the eyes of the law!

Until the divorce is completed, you are still married in the eyes of the law. As a result, any existing will - which most likely names your partner as a significant beneficiary, if not executor too - will still apply.

What's more, if no will exists then the rules of intestacy means your former partner will stand to benefit when you pass away.

In other words, if you don't change your will then your ex-partner will likely get more of your estate than you'd like to leave them.

How should you change your will if you’re getting divorced?

With your spouse moving out of the picture, you will probably need to choose new executors. You could choose anyone, as long as they’re over 18, mentally sound and not bankrupt or in prison. It’s better to choose someone who is organised and can get their head around the paperwork with the ability to handle the responsibility so soon after your death.The same person can be both a beneficiary and an executor - in fact, friends or family members are often both.  

You will also need to consider whether or not your ex already has parental responsibility over the children or if you’ll need to appoint a guardian.

It’s important to change the matrimonial home to tenants-in-common (‘joint owners’ in Scotland). You can either split it 50-50 or have one person with a bigger share if you’d prefer. Owning it as tenants-in-common enables you to leave your share of the property to whoever you choose in your will.

If you want to leave any estate to children under 18, you need to consider who their trustees will be. They will look after the inheritance until your child becomes an adult.

It's a good idea to take professional advice and keep your will under review to make sure your wishes are met as much as possible.

You should also register your will with Certainty, the national will register. This ensures that your executors will be able to locate the will after you pass away. 

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More on wills:

Making a will

Deed of variation: how to change a will after death

How to cut your Inheritance Tax bill

Landmark ruling may lead to more adults challenging parents’ wills