How Does Divorce Impact Your Will and Estate Plan?

 Posted on January 09,2019 in Divorce

When you are going through divorce proceedings, the property and assets that you and your spouse shared will have to be divided. In addition to myriad other legal ties that need to be broken, something you may not have considered is what will happen with your last will and testament. After all, the will you had drawn up during your marriage most likely does not reflect your wishes now.

Illinois law dictates that after a divorce is finalized, neither party will hold legal claim to anything that the former spouse had designated for him or her in their will. However, during the divorce, before the marriage is officially terminated, is a different story. If you were to pass away in the midst of your divorce proceedings, your spouse would still be entitled to whatever your current will states. Therefore, it is important to make needed changes as soon as divorce is filed.

What Revisions Should Be Made?

Experts say a divorcing party should revise his or her will and any other estate planning documents to ensure that any children or other family members are taken care of, along with any charities or organizations that they wish to include. If a spouse was previously named as the executor, that should also be changed. Parents should also name the person or people they would like to take custody of any minor children in the event of their death.

Can a Spouse Contest Will Changes?

It is possible for a spouse to fight against will revisions made during a divorce. According to the Illinois State Bar Association, another option is for the divorcing party to create a trust. While a spouse may be able to renounce a new will if their former partner dies before the divorce is finalized, allowing them to take over one-third of their soon-to-be-ex's estate, spouses are not able to renounce a trust. Putting assets in a trust will ensure that the former spouse would not get any percentage of these assets. However, the trust must not be in the divorcing party's name, and it must be funded prior to that party's death.

Taking Steps to Protect Your Assets During Divorce

Every case is different, and the Joliet, IL family law and estate planning attorneys at the Law Offices of Tedone and Morton, P.C. can help you determine what is best for your individual situation. Call 815-666-1285 to arrange a free consultation and discuss your options for protecting your assets during your divorce.

Sources:

https://www.isba.org/iln/2017/10/11/5-estate-planning-steps-divorcing-clients