Modifying Your Estate Plan After an Illinois Gray Divorce

 Posted on September 26, 2024 in Divorce

The term "estate" can bring to mind a sprawling mansion, a large investment portfolio, a private jet, and more. But the simple truth is that if you own anything, it is legally considered your estate. Things like an apartment, car, bank account, life insurance, and furniture are included in your estate.

As you age, you may start thinking about what parts of your estate you would like to leave behind, and to whom, when you die. If you are getting a divorce when you are 50 or older, you likely have an estate plan in place, and probably want to change it if the main beneficiary is your ex-spouse. 

Speak with an experienced DuPage County, IL gray divorce lawyer to get help with every aspect of your divorce,  including reminders for other important areas of your life, such as estate planning, that need attention as a result of the divorce. 

How Does Gray Divorce Impact Estate Planning?

When people who are at least 50 years old end their marriages, it is often called "gray divorce." Divorcing later in life adds more complexity to what is already an emotionally charged process because an older couple’s estate is often valuable, complex, and difficult to divide. 

Putting aside the issue of asset division, which an Illinois divorce lawyer can help with, you will probably need to rewrite your estate plan to make sure that your updated assets are accounted for and your ex is not a beneficiary of either your property or your life insurance. 

Of course, you have the option of keeping your ex as your beneficiary if that is still in alignment with your wishes after divorce. However, many people find that they want to bequeath the components of their estate differently if they are divorced, especially if they have children or a strong desire to donate to certain charitable causes. 

If you do not want your ex to remain as the primary beneficiary, consider the following:

• Amend your will: If you have a will that leaves your assets to your ex, talk to an estate planning attorney about writing a new will, with new beneficiaries, to ensure that the distribution of your assets reflects your wishes now.

• Designate a new power of attorney: If your ex has power of attorney over decisions that can affect your healthcare and finances, it is very important to draw up new power of attorney documents and designate someone you trust with the authority to make important decisions on your behalf.

• Replace beneficiaries: Review your life insurance policies, retirement accounts, etc., and update the listed beneficiaries.

Schedule a Free Consultation with a Geneva, IL Gray Divorce Lawyer

If you are considering a divorce and you are over 50 years old, speak with a seasoned Kane County, IL divorce attorney about modifying your estate plan. At Divorce Over 50 - Goostree Law Group, we are passionate about helping clients draft formal, legally binding arrangements that they can feel comfortable with. Call us at 630-634-5050 to schedule a free consultation.