Updating Your Estate Plan After Divorce

A divorce changes not only your life but plans you made in the event of your death. You likely named your former spouse as the primary beneficiary or caretaker in your estate planning documents. Once your divorce is final, Illinois law should assume that you no longer intend for your former spouse to receive most of your assets in a will or trust or be responsible for making decisions for you if you are incapacitated. However, you need to update these documents to make your intentions clear to your family: Wills: In a will, you name the beneficiaries who will receive your assets upon your death. After your divorce, the will treats any inclusion of your former spouse as though he or she has already died. However, your divorce can make your will essentially useless if your former spouse is the only beneficiary named. You should update your will to name new beneficiaries, such as your children, other relatives, or a charitable organization. Trusts: A…

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