Dealing with a divorce is often a frantic and chaotic time in your life. It is a considerable life event that results in significant changes that force you to adapt to a new normal. There are usually many other details that get lost in the shuffle; things that you may not even think about until they become relevant issues. By then, it may be too late. One of these things is updating your estate plan with the help of an Illinois estate lawyer.
Should You Update Your Estate Plan After Divorce?
Yes, you should absolutely update your estate plan after getting divorced, particularly if your marriage was lengthy and you accrued considerable marital assets during your marriage. If you were in a lengthy marriage, there is a strong chance that you and your spouse developed an estate plan together. After all, you likely expected to spend the rest of your lives together, and that includes combining your finances. Many couples develop estate plans together for this reason.
In Illinois, after a divorce, your former spouse is automatically removed from being executor of your will, and they no longer have any say over how your assets are distributed. However, they can still be named as a beneficiary unless you personally have their name removed. If you want to ensure that your spouse is totally removed from your will and any trusts you may have, you should contact an experienced estate planning attorney to update your estate plan.
An experienced estate planning lawyer can make sure all of your financial documents are current, updated, and devoid of your ex-spouse’s name in any way. Getting divorced is a significant life change, and you should be certain you wipe your former spouse’s power over your finances, future, or final wishes completely away. Your lawyer can handle this while you focus on coping after divorce, helping your kids move on, and adjusting to a new life.
Why Change Your Estate Plan?
An estate plan is not a singular straightforward document. It is a comprehensive plan with many moving parts, and some of them may be more complex than others. Many of them may be updated automatically upon your divorce, but others are going to need your personal involvement to change.
Responsibility to ensure your finances are secure falls largely on your shoulders. An experienced lawyer can be a big help in these situations. Here are some of the elements you should change:
- Last will and testament. One of the most important elements of your estate plan is your last will and testament. Your spouse won’t be removed automatically if they are named as a beneficiary in your will. If you want them out, you need to go in and remove them yourself or with the help of a lawyer. While looking it over, you should confirm that everyone who seeks to benefit is still included the way you want them to be.
- Trusts. A trust is a legally binding arrangement that involves giving one chosen person control over a third party’s asset distribution. Sometimes, a married person who creates a trust may name their spouse as the primary trustee. This won’t change after divorce, so you should change that if you no longer want your spouse to benefit from any trusts you have established.
- Power of attorney. It is not unusual for married couples to give each other power of attorney over their affairs in the event of emergencies. After a divorce, it is vital that you change that as soon as possible. The last thing you want is to end up physically or mentally incapacitated with your ex-spouse having total control over your medical needs or your finances. You may not even trust this person in the slightest anymore.
FAQs
Q: Am I Going to Need a Lawyer to Update My Estate?
A: Technically, no, you do not need a lawyer to update your estate. If you know what you are doing, feel free to update your plan alone without legal assistance. Depending on what you need to do, you may just need to file a form in the right court. Still, it couldn’t hurt to run your plans by an experienced estate plan lawyer. They can help you streamline your plans and make sure things are done properly. You wouldn’t want a technicality to impede your plan.
Q: When Should I Update My Plan?
A: It is recommended that you look over your estate plan and make necessary changes after you endure any significant life moments. These include births, deaths, marriages, and divorces, among other moments in life. If you feel that something occurs in your life that will affect your estate in the long run, you should take another look at your plan and secure it. In a divorce, you may want to wait until the whole thing is finalized.
Q: Do I Need a Lawyer to Write My Will?
A: No, you do not need to hire a lawyer to write up your own last will and testament. Anyone is allowed to write up their own will, though they may need significant legal help to enforce it. If you have significant assets to distribute or goals that appear particularly complicated, you may want to involve an estate planning lawyer in the drafting process. They can make sure everything is done correctly and help you get it notarized properly.
Q: What Is the Goal of Estate Planning?
A: Everyone has a different goal when choosing to make an estate plan. Largely, the goal of an estate plan is for people with significant assets to ensure that their loved ones are taken care of in accordance with their wishes once they pass away. Estate plans provide comprehensive proceedings for asset distribution, guardianships, living trusts, end-of-life decisions, and more. It all depends on who is making the plan and what they want to leave behind.
A Good Lawyer Can Help
The legal team at Stange Law Firm can help you make sure your plan is secure, your will is up to date, and your divorce has not negatively impacted your life plans. Contact us to speak with a valued team member about your case.
