Marriage and divorce are significant life events that can profoundly impact your will and estate in Chicago. Understanding how these legal changes can influence the distribution of your assets and the execution of your final wishes is important. Whether you are entering into a marriage or going through a divorce, it is crucial to consider the implications for your estate planning.
Marriage Creates a Legal Partnership
When you marry, you are creating a legal partnership with your spouse that can affect how your assets are distributed upon your death. In Chicago, your spouse is entitled to a portion of your estate, even if you do not have a will in place. This means that if you pass away without a will, your spouse will automatically inherit a portion of your assets, potentially leaving less for other beneficiaries. Therefore, it is important to update your will and estate plan to reflect your new marital status and ensure that your assets are distributed according to your wishes.
Updating Your Will After Divorce
Divorce can also have a significant impact on your will and estate. In Chicago, a divorce will typically invalidate any provisions in your will that relate to your former spouse. This means that if you do not update your will after a divorce, your ex-spouse may still be entitled to inherit from your estate. To prevent this scenario, it is crucial to review and update your will and estate plan after a divorce to ensure that your assets are distributed according to your current wishes.
Revisions to Make in Will and Estate in Chicago
When it comes to how marriage and divorce impact your will and estate in Chicago, certain revisions need to be considered. Upon getting married or divorced, it is crucial to review and update your will to reflect these life changes. For instance, if you have recently married, you may want to include your spouse as a beneficiary in your will. In the case of divorce, you may need to remove your former spouse from your will to ensure that your assets are distributed according to your current wishes.
Additionally, it is essential to revisit your estate plan to make any necessary adjustments. This may involve updating power of attorney designations or healthcare directives to align with your current circumstances. By making these revisions, you can ensure that your estate plan accurately reflects your intentions and protects your assets in the event of marriage or divorce.
Get Help with Will and Estate in Chicago
Marriage and divorce can have a profound impact on your will and estate in Chicago. It is essential to take proactive steps to update your estate plan to reflect your changing marital status and ensure that your assets are distributed according to your wishes. By working with an experienced estate planning attorney, you can navigate the complexities of marriage and divorce and create a comprehensive estate plan that protects your loved ones and preserves your legacy. Call James C. Provenza & Associates, P.C. at (847) 729-3939 to schedule a free consultation.