You Need To Revise Your Will Upon Divorce Or Separation
If you don’t have a will and you’re separated but not divorced then the Succession Law applies and your former spouse, whom you haven’t divorced yet, may get the majority of your estate even though she/he has already received a significant amount through the equalization process. So, if you’ve completed the separation agreement but you haven’t divorced yet, the other spouse could potentially get even more than you had anticipated. This is especially difficult where there are children and you’d hoped that your children would be the beneficiaries. Instead, your former spouse and his/her new partner appear to be the beneficiaries.
Most family lawyers have a checklist to help their clients in these situations. This list helps remind their clients of the matters that need to be taken care of at separation. These could include writing new wills and beneficiary revocation on insurance policies, pension and benefit plans. Joint points cards and accounts and credit cards all need to be dealt with following separation.
If you, or someone you care about, is dealing with family law issues in the London, Ontario Region, contact Michael Nyhof Barrister & Solicitor for a consultation.
This article is taken from a May 04, 2009 interview with Michael Nyhof, Family Lawyer with Michael Nyhof Barrister & Solicitor, a London Ontario Family Law Firm. Note that laws vary from province to province. Please consult with a lawyer in your own area to be sure of the laws and specific issues in your own jurisdiction.