THINGS YOU MUST DO ONCE YOUR DIVORCE IS FINAL

DIVORCE IS FINA

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 and/or will.

Disclaimer

The content of this blog is provided by Estate and Elder Planning by David Wingate for general informational purposes only and is not intended as legal advice. While we strive to present accurate and up-to-date information, estate planning and elder law regulations vary by jurisdiction and may change over time.

Reading this blog does not establish an attorney-client relationship with Estate and Elder Planning by David Wingate or its attorneys. To address your specific legal concerns, it is crucial to consult with a qualified attorney who can provide tailored advice based on your unique situation.

Laws related to estate planning, dementia care, Medicaid, and asset protection can differ significantly based on individual circumstances. As such, this blog may not address every potential legal issue. We highly recommend consulting an experienced attorney before taking any action based on the information presented here.

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For more information about estate planning or elder law, visit Estate and Elder Planning by David Wingate at www.davidwingate.com or call (301) 663-9230 to schedule an initial consultation. We serve clients in Frederick, Washington, and Montgomery Counties, Maryland, and offer assistance with powers of attorney, living wills, trusts, Medicaid planning, asset protection, and more.