What You Should Know about Divorce and Beneficiary Designations When preparing for your divorce, you should make a list of all Wills, trusts, insurance policies, or investment accounts that may have your spouse listed as a beneficiary. After your divorce is finalized, you can change your former spouse as the primary beneficiary and name someone else in their place. If you are only making minor changes to your Will then use a codicil or amendment to make the necessary changes to your current will. Indicate any new terms to be executed by the beneficiaries or executor, and then add or remove beneficiaries to the will. Date and sign the amended will in the presence of a notary public. If you want to make more changes to your Will, contact your attorney to discuss your options. To change the beneficiary designation on your insurance, contact your insurance provider. They will likely give you a form to complete on which you can indicate the name of the person you are removing and with whom you are replacing them. Be sure to sign and return the form to your insurance provider. Bank accounts and retirement accounts often have beneficiaries, too. Again, you should contact each company to inform them of your divorce and follow their procedure to change the beneficiary for each account. If you want to keep your former spouse designated as a beneficiary on any policy or account, once your divorce is finalized, you should contact that company to see if they require you to sign any documentation to keep them as a beneficiary. Experienced estate planning attorneys Greensboro NC of the Law Offices of Cheryl David offers estate planning and business planning resources to residents of Greensboro NC. To learn more about these free resources, please visit http://www.cheryldavid.com today.
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