Divorce and Estate Planning in Illinois

Divorce and Estate Planning in Illinois

Under Illinois divorce laws when it comes to Illinois estate planning, the surviving spouse loses all rights to property designated in the will of his or her deceased ex. However, this statute applies only after divorce is finalized. What happens when a spouse dies as divorce proceedings are underway?

Generally speaking, the surviving spouse would still lay claim to property as designated in the will of the deceased. This is why it’s important to update your will and estate planning strategy in the midst of divorce proceedings. Qualified financial advisors and estate planning lawyers can serve as crucial guides here, especially if the divorce involves a large estate.

But if an Illinois spouse with children dies intestate, meaning without a will, the descendants would divide the estate of the deceased. This becomes ever more complex if the children were minors at the time of the parent’s death. In this case, a legal guardian would manage the inheritance. In case of a divorce, this usually means the surviving ex-spouse becomes the legal guardian. If the deceased spouse had no children, the ex-spouse essentially receives the entire estate.

One way to safeguard against this scenario is to establish a revocable living trust. As with any Illinois living trust, you establish this document in your lifetime and it dictates what happens to your assets and property when you die. Courts divide property in most divorce cases. But a spouse can still keep an ex from touching what’s left in his or her share after death. A revocable living trust allows individuals to change beneficiaries and trust provisions at any time. So both spouses may want to get their pens busy as the divorce proceedings take place.