Divorce and Your Will
Did you know that when you get divorced you get a 3-month lee-way period in which the law presumes that your spouse has predeceased you if you have not changed your Will (so even if they are mentioned as a beneficiary in your Will, they will not inherit for 3 months after the divorce). However, if you go over this 3 month period and your ex-spouse is still reflected as a beneficiary in your Will, then they will inherit.
I know that going through a divorce is a tumultuous time and your Will is probably the last thing on your mind, but it is good to bear this in mind.
The other important document that should be looked at/changed on divorce are the nominations of beneficiaries on your Life policies and Penson fund. If you don’t change these, the Insurance company is bound to pay out to whomever you nominated as a beneficiary on your Life Policy. Pension funds are a little different but it is a good idea to update this as well.
Divorce Can Impact Your Estate
A Moneyweb interview with Ingé Lamprecht and Ronel Williams (listen here) serves to reiterate that Section 2B of the Wills Act comes into play on a divorcee’s will. (See the section of the act here).
If you would like some advice around these issues, please feel free to contact us.
Paula Bongers, of Proactive Wills & Estates (Pty) Ltd – 073 217 2644 legacy@pwae.co.za
