If You’re Divorced or Will Be, Listen Up! #divorce #beneficiaries

29 Mar 2023 · 1 min

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0:45

In this concise video, the speaker addresses individuals who are divorced, in the process of divorce, or considering divorce, emphasizing the importance of updating estate‑planning documents. He outlines three critical actions: (1) draft a new will that explicitly revokes any prior will; (2) terminate any joint trust with the former spouse and either create a new individual trust or verify that existing individual trusts still reflect the desired terms; and (3) review and update the beneficiaries on all financial and insurance accounts—including bank accounts, IRAs, 401(k)s, and insurance policies—to ensure the ex‑spouse is no longer listed. The speaker illustrates the risk of neglect with a real‑world example of a woman still having her ex‑spouse as a beneficiary ten years after divorce, and he invites viewers to subscribe to his newsletter for further guidance.

Chapters

If you're divorced, getting divorced, or contemplating divorce, your kids want you to listen up. I have 3 things you need to pay attention to. Thing 1, if you have a will, you need a new one. Create a new will that revokes the old will. Thing 2, you have a joint trust with your ex-spouse that has got to be revoked as well. Create a new individual trust. If you and your ex-spouse had individual trusts, read yours word for word to make sure it still says what you want it to. Thing 3, check the beneficiaries on all of your insurance policies and accounts, bank accounts, IRAs, 401s, and every single insurance policy you have. I talked to a woman today who was divorced 10 years ago and still had her ex-spouse listed on everything. Subscribe to my newsletter in my profile link for more.