While you are married, you plan to spend the rest of your lives together. Planning a life together often means looking well into the future for yourselves and your loved ones.
Divorce is an important time to look at your estate plan to see what changes you need to make.
These are some of the items in your estate plan that your divorce could impact.
Don’t worry; your ex is still your ex
There are some states where your ex could still receive the assets listed in the estate plan, even after you are divorced. Thankfully, however, Illinois is not one of those states.
According to Illinois law, your spouse is no longer part of your estate plan after your divorce, even if you have not updated it. In broad strokes, it is as if your spouse died before you.
You still need to make changes
While your will is still valid and will not send your assets to your ex, you still need to make changes so that your estate plan is up to date, such as:
- Revising who will receive assets
- Powers of attorney and other estate documents other than your will
In addition to updating your estate plan, you should check the beneficiaries listed on accounts like pensions, retirement and insurance policies. Unlike your will, these documents may not consider your divorce.
While there can be a lot of paperwork involved in a divorce, it is essential to update the other areas of your life, including your estate plan.