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3 Things You Must Do Once Your Divorce is Final

 

 UPDATE LIFE INSURANCE BENEFICIARY DESIGNATIONS

  • A life insurance policy is a contract that designates who is to be paid upon the insured’s (your) death.
  • Upon your death, a check will be sent to the person listed as the beneficiary, even if it is your ex-spouse.

UPDATE RETIREMENT ACCOUNT BENEFICIARY

  • Although state law may automatically revoke the beneficiary designation if an ex-spouse is listed, federal law (ERISA) states that the last-named beneficiary is the one who receives the funds.
  • Depending on the type of retirement account you have, your ex-spouse may be entitled to the funds if they are still listed as the beneficiary at your death!

CREATE OR REVISE ESTATE PLANNING DOCUMENTS

  • Review your decision-makers or choose new ones: trustee or successor trustee, agent under a financial power of attorney, and patient advocate under a healthcare power of attorney.
  • Remove your ex-spouse from your HIPAA authorization form.
  • Name someone to manage any inheritance your minor child may receive.
  • Remove your ex-spouse as a beneficiary of your trust or will.