St. Charles Divorce Attorney
At the Law Offices of Benedict Schwarz, II P.C., we can are equipped to provide the best solutions for our divorced or non-divorced clients to build an estate plan. We understand how overwhelming a divorce can be, which is why we aim to provide knowledgeable legal guidance to all of our clients. You can rest easy knowing your legal matters are in the hands of one of our skilled St. Charles divorce lawyers. One area you may need to consider adjusting after a divorce is the estate plan you and your ex-spouse previously had in place. Our attorneys can help you reevaluate your current estate plan and create a new one to better fit your current needs.
Why Choose Us?
- Over 40 Years of Experience
- Free Initial Case Evaluations
- Client-Centric Focus
- Super Lawyer® Since 2006
Managing Your Trusts
There are two types of trusts, revocable trusts, and irrevocable trusts.
A revocable trust enables a grantor to retain the right to manage the assets held in the trust during their lifetime and can be altered, changed, modified or revoked at their own discretion. Also known as a living trust, it is essential in avoiding probate. If ownership of assets is transferred to a revocable trust during the grantor’s lifetime so that it is owned by the trust when the grantor passes away, the assets will not be susceptible to probate.
An irrevocable trust cannot be easily altered, changed, modified or revoked once it is created. The grantor can decide who will manage the trust, who possesses access to trust assets during their lifetime, and how the property will be assigned once the grantor passes away. Irrevocable trusts are a vital component of Medicaid planning.
In the event of trustees and beneficiaries falling out of favor after a divorce, you may need to adjust your established trusts. Contact one of our skilled family law attorneys to help guide you through the process.
Historically, wills have been the cornerstone of estate plans. Your will has three primary functions after your death:
- Outlines your beneficiaries
- Names the executor of your estate.
- Names who will have guardianship over any minor children.
If you have children or property, creating a will is extremely important. If you do not create a will the state of Illinois will create one for you. For example, if you have children and a surviving spouse half of your estate will go to your children and the other half to your spouse. Without a surviving spouse, guardianship of your child will fall to the courts to decide. An Illinois court will decide the best guardian for them based on what is in the best interests of the child, but the decision they come to may not be the one you had desired. Our St. Charles attorneys can help you create and manage your will.
Revoking Your Will
After your divorce, you will likely need to revoke your will. The best way to revoke your will is by creating a new one. During this time, you should name new beneficiaries and alternate beneficiaries in case your initial beneficiaries die before you. If you and your divorced spouse have updated and separated your bank accounts and insurance plans, you may also need to update any beneficiary designations. Many assets could be named in your paperwork by a bank account or policy number that are no longer valid.
Power of Attorney After Divorce
The financial power of attorney provides legal binding authority to someone should you be incapable of making financial decisions or holding financial responsibilities. Medical powers of attorney provide authority to an individual to make medical decisions in the event you are incapacitated. If you are like most, you have likely named your spouse as the individual with power of attorney. But what happens after you and your spouse divorce? The State of Illinois considers a spouse’s power of attorney revoked once their divorce is final. You may need to speak to one of our qualified St. Charles divorce attorneys to assist you with establishing a new power of attorney.
Let Us Help You Revise Your Estate Plan
If you have recently divorced, you should seriously consider revising your estate plan. If you do not, your ex could inherit your assets. With the help of one of our knowledgeable Illinois divorce attorneys, you can reevaluate your estate plan to better fit your current needs. Contact our offices today for a free consultation.