For more details on the exceptional circumstances, you can refer to the Change of Banking Details External Guide.
Top Tip: Bring along certified copies to speed up the process.
If you’re in a second marriage or planning another trip down the aisle, it’s vital to review and revise (if necessary) your estate plan.
Tax Practitioners are allowed to ask for a change in banking details for taxpayers in all instances and not only in exceptional circumstances.
Please note, the requestor with mandate is only allowed to do the changes in exceptional circumstances.
Even though your former spouse will be obligated to act in your children’s best interests and will be supervised by a court, he or she will have considerable discretion over how your assets are invested and used.
To avoid this situation, consider establishing trusts for the benefit of your minor children.
For example, do you want to provide for all children equally?