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3 Things to Update in Your Estate Plan if You Are Getting Divorced

Posted on in Divorce

Tinley Park estate planning and divorce lawyerDivorce comes with a long, long list of things that you need to do and items that you need to give consideration to. If you are getting divorced, one of the things that you should be thinking about is your estate plan and what the end of your marriage means for that plan. You are most likely going to need to change some things in your estate plan, but what should you be looking for? Here are three things that you should review and update following your divorce:

1. Power of Attorney

A power of attorney for finances allows another person to manage your affairs if you are unable to do so yourself. You and your spouse probably have executed a power of attorney at some point, but you should revoke this as soon as possible, as it may give your spouse access to your assets. This can be particularly important if the divorce is not going to be a smooth one. In addition, you may have executed a power of attorney for healthcare which named your spouse as a health care proxy, authorizing them to make healthcare-related decisions for you if you are unable to do so. You will likely want to revoke this authority as well following your divorce.

2. Beneficiaries and Executors in Your Will

In Illinois, if you created a will before you got a divorce, and you named your spouse as a beneficiary or executor, those sections of your will will be revoked. This means that your spouse is automatically taken out of your will when you receive a divorce decree. However, you should also amend your will to ensure that your property is correctly distributed among your beneficiaries and to name a new executor.

3. Trusts

Making changes to a trust entirely depends on what kind of trust you have. If it is a revocable trust or living trust, any sections that have to do with your spouse will become invalid upon your divorce. If your trust was irrevocable, you will unfortunately be unable to change it.

Get in Touch With a Will County Estate Planning and Divorce Attorney 

If you are getting a divorce, there are probably a thousand and one things on your mind. Though your estate plan is probably not number one on your list, you should be sure to address it as soon as possible. The attorneys at Anderson & Associates, P.C. have experience in both estate planning and family law, and we can provide you with comprehensive guidance that will ensure that you have addressed all outstanding legal issues. Contact an Orland Park divorce attorney to talk about changes that should be made to your estate plan after a divorce. Call our office at 708-226-9904 to set up a free consultation.

Sources:

https://www.forbes.com/sites/christinefletcher/2018/06/19/8-estate-planning-moves-if-you-are-getting-divorced/#48b374064190

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

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