Divorce comes with a myriad of implications not only for your life going forward but also for the future of your loved ones. If you have an estate plan, it is extremely crucial that you update it as soon as your divorce is final.
Here are estate planning documents that you need to review and update after dissolving your marriage.
Your will
Basically, your will stipulates who will inherit your assets when you die. If you have minor children, it also specifies who you want to assume your parenting roles should something happen to both you and your co-parent. It is important that you amend your will to reflect your new wishes, especially if you no longer consider your ex a beneficiary of your estate.
Your powers of attorney
Powers of attorney allow you to designate a third party to manage your affairs in the event of incapacitation. The chances are high that you listed your spouse as your medical and/or financial power of attorney. You were comfortable with them having this role because you trusted them. However, if you no longer feel they would act in your best interest (especially if the divorce is acrimonious), then you need to amend your estate plan and ask someone else to handle those roles
Your trust
Just like a will, a trust allows you to manage and distribute your assets when you die. If you set up a revocable trust and named your spouse either as a trustee or a beneficiary, then you might want to amend this document, too, following the divorce.
Protecting your interests
Divorce can send you back to the drawing board in a number of ways. One of these involves your estate plan. Learning more about Illinois estate planning laws can help you protect your interests while updating your estate plan after divorce.
