If you are in the midst of a divorce or have recently gotten divorced in Illinois, you know that no aspect of your life is left untouched in the process. Where you live, how often and when you see your kids, how much money you have to live on each month and more are all changed. As you work hard to accommodate for all of these shifts, how much time have you given to your future plans? Have you considered a revision of your estate plan? If you don’t have any estate planning in place, have you thought about setting it up?
During or right after a divorce is the time to put estate planning front and center according to Forbes. If you’re like most people, your spouse was your identified will or trust executor. He or she was also likely the primary heir or beneficiary for your estate assets. It is unlikely that you would like that to remain the case after your divorce.
A good first place to start is with a will or a trust. Existing documents should be updated to reflect your newly single status and outline new executors. However, the work does not stop there. You should also pay heed to other very important documents like durable powers of attorney or health care directives. Updating the beneficiaries for life insurance and retirement policies should also be done at this time.
This information is not intended to provide legal advice but general information about the multiple facets of estate planning after a divorce in Illinois.