Estate Planning Updates After a Divorce

 Posted on December 00, 0000 in Divorce Finances

Estate planning is not something that the typical American tends to think about very often. This is especially true if you are going through a big change in your life, such as divorce. During a divorce, you have so many things constantly on your mind, estate planning is probably at the very bottom of your list. While updating your estate planning documents does not have to be your number one priority, it should definitely still be on your list somewhere. Here are a few estate planning documents that you should have in the back of your mind to update after your divorce is finalized: Wills If you are filing for a divorce, it is best that you draft an entirely different will, if possible -- this is the easiest way to ensure your estate is not given to your ex-spouse upon your death. In the state of Illinois, a will can be revoked by physically destroying it or by having a new will drawn up stating that the prior will has been revoked. If you do not change your will, but you finalize your divorce, Illinois treats the will as if your spouse died before you did. This means you do not necessarily have to change your will, but it is a good idea to make changes as necessary. Trusts Under Illinois law, trusts are handled similarly to wills when it comes to divorce. If you named your spouse in a revocable trust or living trust, the sections containing your spouse will become invalid upon the finalization of your divorce. If you have an irrevocable trust, however, the contents of the trust will not change and are unable to be modified. Power of Attorney Finally, you will want to make sure you revoke your power of attorney as soon as possible if you named your spouse to act in your place if you are unable to do so. If you do not change your power of attorney and become unable to manage your affairs, your spouse may gain access to your assets. You will also want to be sure that you remove your spouse from your healthcare proxy if you get a divorce. Not doing so can allow your spouse to make healthcare-related decisions for you if you are unable to do so.

Contact a Kane County Divorce Attorney for Help

Whether you are in the middle of a divorce or just starting the process, estate planning is something you should keep in mind. The last thing you would want is to forget about your estate planning documents and then have an accident happen that benefitted your spouse. Aurora divorce lawyer Matthew M. Williams has worked on more than 1,000 divorce cases in court and has the knowledge to ensure you have a successful divorce. At the Law Office of Matthew M. Williams, P.C., we can help you make sure all your loose ends are tied before all is said and done. Call our office today at 630-409-8184 to schedule a consultation.

Sources:

https://www.thebalance.com/estate-planning-documents-to-update-for-divorce-3993981

https://www.forbes.com/sites/christinefletcher/2018/06/19/8-estate-planning-moves-if-you-are-getting-divorced/#4c2ae22b6419