Divorce can bring about many changes in your life. While you are adjusting to many changes, you should also address any changes that need to be made to your estate plan. When you were married, you likely intended for your spouse to receive the majority – if not all – of your assets and property. Usually, after a divorce, this will no longer be the case, and you should make necessary changes to your estate plan.
Tennessee law automatically revokes any dispositions to a former spouse in a last will and testament upon a divorce order. This revocation does not apply until the divorce is final, so if you will be formally separated for a period of time, you may want to create a new will. In addition, this law does not apply to other estate planning tools, which you will need to change.
If you’re getting divorced and you have a revocable trust, you should revoke the trust and create a new one with dispositions to beneficiaries other than your former spouse. You also will likely want to change your power of attorney designations, which may include for business affairs and for health care. Make sure your new durable power of attorney for health care has a copy of your advance directive and living will and understands your wishes.
You will want to change any necessary beneficiaries, including for any of the following:
- Life insurance policies
- Retirement accounts
- Transfer-on-death brokerage accounts
- Pay-on-death bank accounts
An experienced lawyer can review your situation and advise you of all the necessary adjustments.
Contact an Illinois Estate Planning Lawyer for Assistance Today
Attorney Chuck Newland helps clients in Illinois create estate plans and amend them as needed. If you would like more information, please call 847.797.9300 or contact us online to schedule your free consultation.