Beneficiary Designations: Checklist for Collaborative Practice Teams

Collaborative professionals may help couples develop options for beneficiary designations of one spouse on insurance policies, annuities, accounts or other assets under a will. This Beneficiary Designations – Checklist for Collaborative Teams may guide the team’s discussion.

  • Has the collaborating spouse named the other spouse as beneficiary under a will?
  • Is the collaborating spouse participating in an insurance policy or benefit plan section 732.703 affects?
  • Does the collaborative practice team have detail about any beneficiary designations under the divorcing spouses’ wills, insurance policies, and other accounts?
  • Do the collaborating spouses want to designate a soon-to-be former spouse as beneficiary, or to have an existing designation continue after divorce and override section 732.507(2), Florida Statutes, section 732.703, Florida Statutes, or similar law from other jurisdictions?
  • If so, what language in the collaborative marital settlement agreement will commit the account or policy owner or testator to designating or maintaining a designation for the soon-to-be former spouse’s benefit?
  • Should the collaborative practice team specifically reference applicable automatic beneficiary revocation statute(s) such as sections 732.507(2) and 732.703, Florida Statutes, in the collaborative marital settlement agreement and state the divorcing parties’ intent to override that law?
  • What follow-up tasks after divorce should the testator or policy or account owner do to notify an employer’s human resources or employee benefits department of the divorce?
  • What should the agreement say to allow the ex-spouse whom the parties intend to keep as beneficiary after the divorce to receive notice that the other person has completed the required steps for the beneficiary re-designation?

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

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