Welcome to the final part of our blog series. Today our lawyer in Raleigh NC will talk about naming new beneficiaries after a divorce. If you missed our previous blog post be sure to visit back with them before moving on to learn more about divorce and how it affects your estate planning.
- How Can Divorce Affect Your Estate Plan? Part One
- How Can Divorce Affect Your Estate Plan? Part Two
- How Can Divorce Affect Your Estate Plan? Part Three
- How Can Divorce Affect Your Estate Plan? Part Four
Naming Beneficiaries | Lawyer in Raleigh NC
After divorce, you may have been left with property or other assets that you want passed on to your children or someone else. Be sure to name them in the will and name alternates should they not outlive you.
Also, many people forget that life insurance policies and retirement accounts have beneficiaries listed. When you got married, you probably listed your spouse, but now that you are divorced, you will want to name someone else. Many policies, including 401(k)s, are governed by a federal law that says the administrator must turn over the funds to the person designated regardless of what the state law says, so it is important that you change it to the person you want to receive the funds.
If you have children under 18 and want them to receive the benefits, you can name the person you have designated to oversee your other financial matters, or even the person you named as their guardian. Alternately, you can create a revocable living trust. The person you name to manage the account will have control over it until your children are of age.
Going through a divorce can cause a lot of turmoil in your life, but do not overlook your estate plan. Take the time to meet with our lawyer in Raleigh NC so you can revise it, or create a new one. That way, your final wishes are carried out in the manner you want, and if you have children, they are protected.
An lawyer in Raleigh NC who knows about estate planning will be able to review your situation and provide the best solutions that will meet your needs and will also be legally sound. There are many facets to an estate plan. Eldreth and Eldreth can talk with you about your situation and help guide you in creating a plan that meets your needs. Contact us, today.
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