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The Importance of Updating Your Estate Plan After a Divorce
There are many reasons and situations that require an update to your estate plan. Divorce is one of the most common and potentially catastrophic situations. Unfortunately, it is also easy to overlook or forget. There are many loose ends to tie up once the divorce process is complete, and with more to manage, estate planning can easily slip through the cracks. Unfortunately, if something does happen to you before you have made changes to your estate plan, assets may not go to the people and places you had hoped. Do not let this happen to you. Learn what and when you should update in an estate plan after divorce.
Changing Your Beneficiaries
If you have a 401K, IRA, or other retirement plan, the beneficiary listed on your policy should be checked upon completion of the divorce. Of course, you may have to split some of your savings with your former spouse, but the remaining amount should go to you. If you do not want the remainder to go to your ex upon your passing, and he or she is listed as the current beneficiary, it is important that you change this in your policy. Alternatively, if you wish your spouse to be listed as a trustee for your children, ensure the policy and your other estate planning documents reflect this wish.
3 Tips for Handling a Contested Divorce in Illinois
When it comes to the end of a marriage, there may be no such thing as an easy divorce. Even couples who remain civil and separate amicably do not escape the end of the relationship without experiencing hurt and pain. Having to let go of someone you loved, possibly still love, and shared a home and a life with can be irrevocably damaging, regardless of the circumstances. Still, some divorces are flat-out toxic from start to finish and result in ongoing conflict and heated legal battles. A contentious divorce is undeniably the most taxing kind, as it takes a toll on the whole family mentally, emotionally, and spiritually.
Minimizing Divorce Stress
Spouses can disagree about nearly everything in a contested divorce case, from the division of assets and debts, to spousal maintenance (alimony), to child support and parenting time. If you find yourself in high-conflict divorce and cannot manage to find middle ground on any topic, you may not be able to change the relationship dynamic, but you do have some power over how you handle the inevitable stresses of the divorce process. Psychology experts recommend the following activities to lighten your burden during this difficult transition:
Providing for the Care of Your Children in Your Will
When most people think about the concept of estate planning, they tend to think about money and “things.” Of course, there is nothing wrong with this thought, as estate planning does require a person to decide which beneficiaries will receive what property when the person dies. Property and debt considerations, however, are only part of the estate planning equation, especially if you have children who are under the age of 18. With the help of a qualified attorney, your estate plan can include your wishes regarding how your children will be cared for if something happens to you.
Guardianship Considerations
It is not easy to even ask the question, but what would happen to your children if you were, all of a sudden, out of the picture? Your spouse would most likely take on additional responsibilities for your children if you are married, but what if you are single or divorced? Or worse, what if you and your spouse were to die in the same tragic accident? Unfortunately, the realities of life are often extremely cruel.
Tips for Understanding Child Support Income Sharing Guidelines
As a parent pursuing child support following a separation or divorce, it is not uncommon to encounter various roadblocks. The process can bring all kinds of questions and concerns to the surface, and parents will need answers to these questions sooner rather than later. They need to know how much support they qualify for, how that support will be provided, and the certainty that funds are not only available but reliable on an ongoing basis. Additionally, those paying support are entitled to know how their obligations are calculated and what is expected of them by law.
Income Shares Approach
Whether discussions about support arrangements have turned tense between you and the other parent, or you simply feel overwhelmed as you begin your attempt to secure the means needed to care for your child, consider the following tips to better understand the “Income Shares” method in the state of Illinois:
How Can Unwed Fathers Protect Their Parental Rights?
No matter what kind of relationship you share with your child’s mother or what your living arrangements will be after your child is born, it is important to understand a father’s rights and how to avoid jeopardizing yours. If you wish to be involved and have a say over parental matters in the future, the first step is to be aware that in Illinois, you are only considered the legal father if you are married to--or have entered into a civil union with--the mother at the time of birth. This means that your relationship with your child from the moment he or she is born will greatly revolve around where you stand legally on paper.
Immediate Actions You Can Take to Protect Your Rights
There are some actions you can take to establish paternity in order to make sure your rights as a father are not violated. Below are some of the first steps in becoming legally recognized as the father of your child:
What Happens If I Die Without an Estate Plan?
The very idea of estate planning can be frightening for many people, as it is not easy to confront the realization that nobody lives forever. Drafting an estate plan that includes a will, trusts, and other documents requires you to look past the end of your own life. While the difficulties associated with estate planning are understandable, it is critical to have an estate plan. If you were to die without a will or other estate plans, most of your property would probably be subject to the intestate succession laws of Illinois.
What Does “Intestate” Mean?
A particular asset is deemed to be “intestate” if there is no direction specified for how the asset will be disposed of following the owner’s death. Jointly owned property is not usually intestate because the ownership of the joint property will generally transfer to the other owner or owners. Likewise, an investment account that has named beneficiaries or a transfer-on-death clause is not an intestate asset. The named beneficiaries will receive the funds in that account when you die. However, if you are the sole owner of an asset and you have not established legally enforceable instructions on handling the asset upon your death, the asset will be treated as intestate property.
Why Your Family Should Be Involved in Your Estate Planning Decisions
While some people have the good fortune of being born into a family with significant wealth that was amassed several generations ago, most others work extremely hard to accumulate the assets and holdings that comprise their estate. As far as your estate is concerned, you have likely put in many hours and made responsible decisions to earn what you currently own. With this in mind, you have every right to decide what will be done with your property after your death.
It is important to remember that while you do have the right to make estate planning choices for yourself, decisions such as these will affect others. The choices you make in your estate plan will almost certainly impact your loved ones and close family members. That impact could be negative, positive, or neutral, depending on your unique circumstances and how you manage them.
Avoiding Unfounded Assumptions
A recent study conducted by Fidelity Investments found that an alarming number of aging individuals are not on the same page with their adult children when it comes to the topic of estate management. For example, Fidelity discovered that adult children tend to believe that their parents’ estates are worth far less than they actually—about $280,000 less on average. Additionally, the study found that nine out of ten parents plant to presume that one of their children will serve as executor of their estate. More than 25 percent of adult children, however, had no idea about their parents’ expectations.
What Are My Options for Enforcing Child Support in My Illinois Divorce?
In a divorce, child-related issues can prove to be contentious, and disputes may arise over child support obligations. Whether raising a child with an absent parent or within an antagonistic relationship, single parents have long faced significant challenges when it comes to child support here in Illinois. While new state laws that went into effect in 2017 aimed to better protect the well-being of children in need, they also made support matters more complicated for many families, due to new calculations that the courts now use to determine financial responsibility. Regardless of the specific amount of support, the custodial parent relies on that money for expenses related to the upbringing of his or her child. In some cases, a parent may need to take legal action to collect the payments that are due.
Assistance for Obtaining Child Support Payments
If you currently find yourself in a situation where you are in need of child support but are not sure where to turn for answers, rest assured there is assistance available to help you. Here are a few examples of how an attorney can help secure the resources necessary to raise your child alone:
What Basic Rights Do Adoptive Parents Have in Illinois?
The decision and privilege to pursue adoption is an exciting, gratifying path when you desire to expand your family. More than ever before, today’s adoption services offer new parents opportunities to share their life with a child who is in need of a good home. However, adoption proceedings are complex and require serious preparation in order to navigate them successfully. For the sake of all parties involved, it is important to understand the legal aspects to make the adoption experience as seamless as possible.
Know Your Rights
It is not uncommon for new parents to feel instantly overwhelmed the moment they begin the adoption process. From selecting an agency to the application and paperwork, it can be difficult to know where to start. One of the most important ways you can get off on the right foot is to inform yourself of your basic rights as a new adoptive parent. What do you have a say over? What resources are available to you? Should you run into roadblocks, what rights do you have to protect your best interests?
Four Reasons to Have an Estate Plan That Are Not All About Money
When the average person thinks about the concept of estate planning, they tend to think about wills, trust funds, inheritances, and other methods for passing assets down to the next generation. While these images are not really incorrect, they do not tell the whole estate planning story. In fact, there are many good reasons to create an estate plan that have almost nothing to do with possessions or money. With this in mind, estate planning is an important consideration for any family, regardless of their wealth or overall net worth.
Reason 1: Privacy Considerations
Unless you plan ahead, Illinois law will likely require your estate to go through probate. Probate is the legal process through which an estate is settled when there are no alternative plans for doing so, and the process can be unpredictable, time-consuming, and cumbersome. You should also know that probate proceedings are usually matters of public record, which means that your affairs are available to be reviewed by the public at large. Through estate planning, you can minimize the effects of probate or even avoid it completely, thereby keeping your family’s personal matters private.
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