When you separate, there are some practical things that feel urgent - parenting arrangements, property settlement, bank accounts, where everyone is going to live.
But there is another part of separation that many people overlook.
Your estate planning.
I'm joined by Mike Poynter, Principal Lawyer at MCP Legal, a partner firm of Simple Separation, to talk about the four key documents you need to review when you separate: your will, superannuation death benefit nominations, life insurance, and enduring powers of attorney.
Because here's the thing most people do not realise: if you separate and do nothing, your existing documents may still point to your former partner. And if you do not have a will at all, the law may still treat your spouse as the first person entitled to your estate until you are legally divorced.
Mike explains what estate planning actually means, the difference between being separated, divorced, married or de facto, and why it is so important to understand what happens to your assets, superannuation and decision-making powers if something happens to you.
This is not about fear. It is about making informed choices.
In this episode, we discuss:
• What estate planning actually means
• Why your will matters after separation
• The difference between an executor, trustee and beneficiary
• What happens if you separate but do not update your will
• The difference between married and de facto couples after separation
• Why divorce can change your estate planning position
• What happens if you die without a will
• Superannuation binding death benefit nominations
• Why your super nomination can override your will
• Life insurance inside and outside of super
• Enduring powers of attorney and medical decision-making
• Advanced care directives
• Why backup decision-makers matter
• The one simple estate planning step you can take today
Key takeaway:
Separation changes your life, but it does not automatically change every legal document connected to your life.
Your will, superannuation nomination, life insurance and enduring power of attorney may still name your former partner unless you take steps to review them.
You may not need to change everything immediately, but you do need to know where you stand.
Let's Keep the Conversation Going:
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Host: Nikki Parkinson, TEDx Speaker, Divorce Doula, Coach and Founder of The Divorce and Separation Hub.
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Guest: Mike Poynter, Principal Lawyer at MCP Legal
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This podcast's audio production crafted by Dan at dankingproductions.com.au.
This episode is sponsored by Simple Separation, the smarter way to separate. Simple Separation is an online, fixed-fee service designed to help Australian couples finalise their divorce and separation respectfully, collaboratively, and without the stress of going to court. From property settlements and parenting plans to child support and divorce applications, everything you need is under one roof, saving you time, money, and unnecessary conflict.
Book your free consultation today to find out if Simple Separation is right for your situation at simple-separation.com.au.
Disclaimer
I hope you enjoyed the podcast today. The information we discussed today was just that information only. It is not specific advice. If you take action following something you heard today, it is important to make sure you get professional advice about your unique situation before you proceed, whether that advice be legal, financial, accounting, medical or other advice. Please reach out to me if you have any questions or if there's another topic you'd like explored.
