Updating Your Beneficiary Designations After Divorce in Arizona

Introduction

Many financial assets and legal document have beneficiary designations attached to them. Examples include:

Beneficiary designations area simple, direct and efficient way to get assets in the hands of the ones you love after you die.

Changing Beneficiaries with a Changing Life:

When creating a document, like a TOD arrangement, the beneficiary designation is attached at the same time. Issues arise as time passes, individuals’ lives and relationships change. With this change, the beneficiary designation may need to be changed as well-but most individuals forget to update these designations. Changes could include marriage, divorce, family dynamics, and much more. Whoever the listed beneficiary is on the document will receive the described assets-regardless of the current relationship. This means, without updating the beneficiary, your assets could end up going to your ex!

Easy to Change:

It is fairly easy to change the beneficiary to legal documents. Many accounts offer this service online! It is important for individuals to review their beneficiary designations regularly and provide changes when necessary. When changes are made, inform those who are the beneficiary. This way, they too can plan their estate accordingly.

Every situation varies, which is why it is recommended to consult with a legal advisor. They can offer advice to the level of estate planning required.

Call our Arizona Estate Planning team at (480)467-4325 to discuss your case today.

Meet the Author

David L. Weed

Estate Planning & Small Business Attorney

Dave primarily focuses on comprehensive estate planning to cover nearly every aspect of life. He takes pride in protecting clients, their loved ones, and their hard-earned assets. Additionally, Dave works closely with financial institutions and businesses as counsel on transactional and planning matters.

Contact The JacksonWhite Estate Team

Call (480) 467-4325 or fill out the form below to schedule a consultation and discuss your best legal options.

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