People who go through divorce often realize that they will have to deal with a lot of changes. You may be focused on specific aspects, such as child custody or property division, but there are others that you have to think about.
One thing to consider is how your divorce will impact your estate plan. While a divorce in Illinois doesn’t void your entire estate plan, it does void certain provisions. The ones that are voided are all the ones that have to do with your ex-spouse.
Are all provisions related to your ex-spouse voided?
Everything in your estate plan that has to do with your former spouse is voided. This includes the inheritance of assets and power of attorney designations. It also removes the former spouse from having the duty of estate administrator.
The remainder of the estate plan remains valid. This means that you don’t have to change anything else, but you’ll still have to revise the will so that it’s valid and accurate after the divorce is finalized.
When does the estate plan change occur?
The change in the estate plan occurs when the divorce is finalized. If you wish for your ex to remain in the will or continue with any other duties, you can update the will to reflect this after the divorce is done. This is also a good time to ensure that any property included in the estate plan is still owned by you because any that transfers to your ex in the divorce has to be removed from your estate plan.
Anyone who’s going through a divorce should ensure they understand all the ways that the divorce will impact their future. It’s critical that they carefully consider how they may need to alter their estate plan so that it accurately reflects their wishes. Working with someone who can assist throughout the process may be beneficial.
