The Importance of Updating Your Will After a Divorce

divorce, DuPage County estate planning lawyerHave you drafted and signed a will that outlines your wishes regarding your property and other concerns in the event that you were to die unexpectedly? If so, you are in a better position than most American adults are. In fact, recent estimates suggest that approximately 60 percent of adults in the United States have no formal estate plan in placeā€”not even a basic will. Having a will is a good thing, of course, but it is important to remember that certain life events can have a dramatic impact on the applicability of your existing estate plan. If you are considering a divorce, you will need to think about how it will affect your estate plan.

Your Ex-Spouse in Your Will

It is common for a married person to name his or her spouse as an heir in his or her will. In fact, many married individuals decide that their entire estate should go to their surviving spouse. Additionally, a person could also appoint his or her spouse to serve as the executor of the estate.

According to the Illinois Probate Act, if you divorce your spouse with a valid will still in place, your will remains valid and enforceable. However, the provisions in your will pertaining to your spouse are revoked automatically once the divorce is finalized. Such provisions include any appointments, nominations, responsibilities, and, intended inheritances. As a practical matter, the law treats the situation as if your spouse passed away before you did.

Making the Changes

Once your divorce is finalized, you will need to update any sections of your will that made reference to your former spouse. You might even wish to do so before the divorce actually finalizes. If you were to die before the divorce decree is issued, the provisions in your will that pertain to your spouse are not revoked because you were not divorced. If you do decide to amend your will prior to your divorce finalizing, remember that you will probably need to make more changes later after the distribution of marital property is complete.

You should also keep in mind that the automatic revocation of provisions only pertains to your spouse. If you have named your stepchildren or in-laws as heirs or fiduciaries, those provisions will remain in effect until you actively change them.

It is possible to keep your ex as an heir or a fiduciary in your will if you choose to do so. For example, you might trust your former spouse with managing your estate, or you may want him or her to have certain assets. In order to do so, you must draft and sign a new version of your will that includes your ex-spouse after the divorce decree is issued.

A Wheaton Wills Attorney Can Help

For more information about how your divorce might affect your will, contact an experienced DuPage County estate planning lawyer. Call 630-665-2500 to schedule a confidential consultation at Stock, Carlson, Oldfield & McGrath LLC today.

 

Source:

http://ilga.gov/legislation/ilcs/ilcs5.asp?ActID=2104&ChapterID=60