People tend to forget or overlook things when they divorce. Dotting every proverbial “i” and crossing every proverbial “t” can be a difficult endeavor, especially when there are children involved. One of the most commonly overlooked issues—especially if a divorce is complex or acrimonious—is estate planning. Updating or re-drafting documents like wills and trusts can make all the difference in ensuring that your assets go to those who you have expressly chosen.
Make a New Will or Trust
Illinois probate law can be quite complex, particularly if you are trying to modify an existing document. This is made even more confusing by the fact that Illinois law, upon divorce, revokes any gifts or positions of authority given to an ex-spouse. For example, if you named your now-former husband as the executor of your estate, that designation will be void upon your divorce. Sometimes this can be advantageous, but in certain cases, you may want to keep your ex-spouse in the will. Doing so may be beneficial in situations where young children are involved as potential beneficiaries.
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