When Couples Are Not Living Together: Safeguard Their Future with Updated Estate Planning

In situations where individuals are living separately from their spouse, it becomes crucial to address various aspects of estate planning to ensure future intentions regarding asset distribution and dependents' care are safeguarded. Here are some key considerations and action items to guide clients through this process.

Understanding the Current Relationship Status

We understand that you are currently living separately and apart from each other and that you have not left all of your estate to your spouse at first instance. However, you should be aware that until you have finalised your financial interests with each other, based on your needs and resources, your spouse may have a claim for further provision of your estate following your death. This is something that you should discuss with your nominated Inherit lawyer before finalising your Will.

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Action Items for Clients

1. Verify Legal Recognition of De Facto Relationship

   • Ensure that your relationship status is legally recognised to understand the implications on your estate planning.

2. Update Beneficiary Designations

   • Review and update beneficiary designations on accounts like life insurance policies, superannuation funds, and investments to reflect your current wishes.

3. Consider a Binding Financial Agreement

   • A binding financial agreement can help outline the division of assets and financial arrangements, providing clarity and protection for both parties.

4. Draft or Update Wills

   • Amend your will to accurately reflect your revised intentions concerning asset distribution and guardianship responsibilities, ensuring clarity and avoiding potential disputes.

5. Consider Joint Ownership of Assets

   • Evaluate the benefits and implications of joint ownership of assets, which can influence the distribution of assets upon death.

6. Communicate Openly with Your Partner

   • Open communication with your partner about your estate planning intentions is essential to ensure mutual understanding and agreement.

Conclusion

Taking proactive steps in managing estate planning during separation is essential for protecting your interests and the well-being of your loved ones. By staying informed and seeking professional advice, you can navigate this process with confidence and peace of mind.

If you're navigating separation and estate planning concurrently, consulting both an estate planning lawyer and a family lawyer can provide comprehensive legal support tailored to your specific circumstances. Remember, updating your estate plan is a proactive measure to ensure your wishes are respected and your loved ones are provided for according to your intentions.