Updating Your Will After Divorce
Update Beneficiaries
Some bigger assets may not be named in your will. These more valuable assets will be given to the beneficiaries provided by outside sources such as an insurance company or a bank. To be safe, you will want to update all beneficiary designations after a divorce. To do this, you will need to ask for new documents from the appropriate sources (employer, bank, or brokerage) based on the list below.
- Retirement accounts like 401(k)s and IRAs
- Life insurance policies
- Transfer-on-death brokerage accounts
- Pay-on-death bank accounts
You should make these new changes as soon as you are able.
Excluding your spouse from your will is not enough, you need to designate all new beneficiaries since beneficiary designations supersede anything specified in your will. For cases involving children, it is best to designate beneficiaries in accordance with the financial obligations specified in your divorce. Since every case, family, policy, and will are different it is best to consult one of the expert family law attorneys at Brandon legal Group. Contact Brandon Legal Group to secure the future for your loved ones.
