Divorce & Your Estate Plan
One important set of documents tends to be forgotten in the mad scrambleof divorce: your estate plan. This is comprised of several essential documentsthat protect your financial interests and personal medical choices inthe event of an emergency. If your plan isn’t updated, then yourex may still be designated as your executor and primary beneficiary.
Estate planning documents commonly include a:
- Revocable trust
- Irrevocable trust
- Advanced health care directive
- Durable power of attorney for finances
- Durable power of attorney for healthcare
Your Medical Care
Without an updated estate plan, your former spouse may legally have fullcontrol over your estate in the event of a medical emergency. The intentof a durable power of attorney for finances document is to grant an agentthe authority to pay your bills, take care of your medical expenses, andmanage your assets while you’re incapacitated. This means your agenthas full access to your financial accounts. Likewise, a durable powerof attorney for healthcare authorizes your agent to make medical choiceson your behalf—so long as he or she respects your advanced healthcaredirective. Depending on your relationship with your ex, this may not go well.
Luckily, all these documents can be updated to account for your presentcircumstances.
Your will designates which beneficiaries will receive your assets uponyour death. This legal document needs to be updated if you don’twant your ex to inherit everything. Luckily, under Illinois’ Trustsand Dissolutions of Marriage Act, a divorce doesn’t affect yourtrusts. In fact, your trust protects your assets by pretending your spousedied before you. If your trust is revocable, you still have the poweras a living trustee to alter or revoke the document per your wishes. Yourformer spouse, however, does not.
Schedule a Free Consultation Today
Contact Wakenight & Associates, P.C. if you requiredivorce representation in Illinois. We offer our clients extensive legal resources, experiencedcounsel, and adept courtroom negotiation skills. Our firm has multipleoffice locations across Illinois, including: Elmhurst, Mokena, Oak Park,and Joliet.
We offer bilingual services! Call our divorce lawyerstoday to schedule your free consultation.