If one forgets to change a beneficiary after divorce, can it be amended after his death for good cause?
- November 22, 2016
- David Greene
- Comments Off on If one forgets to change a beneficiary after divorce, can it be amended after his death for good cause?
Unfortunately beneficiary designations cannot be amended after the death of the policy or account holder, even if it is clear he did not intend for the listed beneficiary to receive the benefits. The Supreme Court has heard several similar cases and has ruled every time that the designated beneficiary gets the money, even though a divorce or even state law may say differently. Therefore, it is imperative for all my readers to check your beneficiary designations on your bank accounts, brokerage accounts, tax-favored retirement accounts, company benefit plans, life insurance policies, annuities, 529 plans, etc. These and other important documents, such as wills and powers of attorney should be reviewed at least every five years.