I have a Question about “Wills and Separation”

Q. I am separated and wondering if my will is automatically revoked?

Josie’s Answer - No. However, the rules vary between each State.

We recommend you seek specialist legal advice. Wills should be reviewed every 3-5 years or whenever a major life event occurs e.g. separation, birth of a child.

It is also very important you understand what happens to your superannuation in the event of your death. You may be surprised to learn, that in most cases, the Trustee of the superannuation fund ultimately determines who receives your benefit, unless you have a binding nomination in place.

It is important to note that a binding nomination is different to the standard nomination of beneficiary that is usually collected by your superannuation fund. Superannuation death benefits may also be taxed up 31.5% if they are not paid to the right people, so it is important to do your research.

Don’t forget that the above information is general in nature and not specific to your goals and objectives. It is recommended that you seek personal financial advice specific to your needs.