It would be hard for anyone in Illinois or the rest of the United States to be unaware of the fact that one of the most famous musicians of our time died recently. While there may be many interesting facts about the artist’s unexpected death, one particular fact can be held up as a valuable lesson to many divorcing spouses in the state. The man passed away without any estate plans in place whatsoever.
Getting a divorce requires spouses to review many areas of their lives. Assets and debts can be split or assumed by one person. Some items may need to be liquidated in order to buy out the former spouse. Time with children must be divvyed up. This is just for starters and only addresses the most immediate issues facing partners who are ending a marriage.
When it comes time to look down the road, people who get divorced should make it a priority to update their post-death wishes. For those people who had not yet created wills or trusts or made any other type of estate plans, after a divorce is a good time to do so. Even updating a power of attorney is important so that the right people have the right power if and when needed. Few people wish to have a former spouse control their medical decisions years after a divorce.
Illinois residents who are getting a divorce or who have already finalized a divorce may wish to consult with an attorney about the best way to approach their current estate planning needs. Doing this may be highly beneficial down the road.
Source: Forbes, “Prince Made One Of The 4 Big Estate-Planning Mistakes,” April 27, 2016