Beneficiary Designations: Checklist for Collaborative Teams

This Beneficiary Designations Checklist for collaborative teams can help couples develop options for beneficiary designations after divorce. One spouse may want the other named as beneficiary of insurance policies, annuities, accounts or other assets. The couple may have good reasons to name or keep a spouse after divorce as beneficiary.

  • First, has the collaborating spouse named the other spouse as beneficiary under a will?
  • Second, is the collaborating spouse participating in an insurance policy or benefit plan section 732.703 affects?
  • Next, does the collaborative practice team have detail about any beneficiary designations under the divorcing spouses’ wills, insurance policies, and other accounts?
  • Considering the couple’s goals, what beneficiary designations will help them after divorce? They may need to override expressly “automatic revocation on divorce” statutes. Read more about Sections 732.507(2), Florida Statutes and Section 732.703, Florida Statutes.
  • As the process continues, what should the settlement agreement say about designating the other spouse as beneficiary?
  • Next, should the agreement refer to the automatic beneficiary revocation statute(s), such as sections 732.507(2) and 732.703, Florida Statutes? Should the agreement state the divorcing parties’ intent to override that law?
  • After divorce, what should the testator, insured, or account owner do to notify an employer’s human resources or employee benefits department of the divorce?
  • What should the agreement say about notice of a beneficiary re-designation?

⇐  Previous Section: Collaborative Marital Settlement Agreements: Insurance Policies and Accounts – Beneficiary Designations – Section 732.703

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