Divorce is not easy. Not only is this process difficult in relationship to emotions, divorce requires many actions to be taken and many decisions to be made.
One of those important decisions is regarding your estate plan. It could be the plan deep in your filing cabinet that you and your current spouse executed 10 years ago or the one you never got around to signing.
Either way, it is important to review for two reasons:
Also consider revising the will and any revocable trusts to exclude your spouse. In many states, your spouse will retain elective share or community property rights to a portion of your estate until the marriage ends. But when you revise those documents, it will limit your spouse if your pass away before the divorce is final.
There are other aspects that you must look into when going through a divorce:
Other aspects to consider are changes to beneficiary designations in IRAs, life insurance policies, annuities or retirement plans (note that federal law prevents you from removing your spouse as beneficiary of a retirement plan, without his or her consent, until the divorce is final). You should also revise payable on death (POD) or transfer on death (TOD) designations in bank or brokerage accounts.
If you need any help regarding your business or other legal matters please reach out to us directly here and schedule a call with one of our paralegals on our scheduling page here.
If you need help with estate planning or any other legal concerns, we are here for you. Don't hesitate to contact our firm directly for assistance. Our dedicated team is ready to provide support and guidance to you and your loved ones during important life transitions.
Whether you're ready to schedule a strategy session to discuss your specific needs or if you're interested in exploring our wide range of complimentary guides and additional resources, we encourage you to get in touch with us.
With licensed attorneys and offices located in both Illinois and Missouri, we are well-equipped to serve clients in these regions. Reach out to us today and let us leverage our expertise and care to guide you through the legal process.
Begin your journey by taking advantage of our collection of complimentary guides.
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Sivia Business & Legal Services, P.C. goes beyond the scope of a traditional legal firm. We offer personalized solutions for you, your family and your business. We want to understand your plans for the future.
Edwardsville
217 South Main Street Edwardsville, IL 62025
618.659.4499
East Alton
1 Terminal Dr, East Alton, IL 62024
618.258.4800
Swansea (By Appointment Only)
7a Park Place Swansea, IL 62226
618.239.4430
Wentzville
511 W. Pearce Blvd. Wentzville, MO 63385
636.332.5555
Creve Coeur (By Appointment Only)
12747 Olive Blvd., #300, St. Louis, MO
636.332.5555
Mt. Vernon
1115 Harrison St. Mt. Vernon, IL 62864
618.242.0200
Edwardsville
217 South Main Street, Edwardsville, IL 62025
618.659.4499
East Alton
1 Terminal Dr. East Alton, IL 62024
618.258.4800
Wentzville
511 W. Pearce Blvd. Wentzville, MO 63385
636.332.5555
Swansea
7a Park Place Swansea, IL 62226
618.239.4430
Chesterfield
13321 N. Outer 40 Road, Ste. 700, Chesterfield, MO
636.332.5555
Creve Coeur
12747 Olive Blvd., #300, St. Louis, MO
636.332.5555
Mt. Vernon
1115 Harrison St, Mt. Vernon IL
618.242.0200
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