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You can change your life insurance beneficiary for any reason. Often, policyholders may change their life insurance beneficiary after a life-changing event, such as a divorce or childbirth. If you ...
In 1997, Mark Sveen and Kaye Melin got married and the next year, Sveen purchased a life insurance policy. Melin was named as the primary beneficiary on this policy, and two of his children from a prior marriage were named as contingent beneficiaries. Sveen and Melin divorced in 2007 but the family court made no mention of the insurance policy.
The case was considered under Washington state law wherein the designation of a spouse as beneficiary to "nonprobate asset," a life insurance policy or employee benefit plan, is revoked immediately upon the divorce of the designator and the beneficiary.
However, life insurance beneficiaries can conflict with the terms in your will if you aren't thorough. Your life insurance beneficiary designation usually supersedes your will. So …
Life annuity. A life annuity is an annuity, or series of payments at fixed intervals, paid while the purchaser (or annuitant) is alive. The majority of life annuities are insurance products sold or issued by life insurance companies however substantial case law indicates that annuity products are not necessarily insurance products. [1]
Life insurance beneficiary designations allow the policyholder to decide who should receive a death benefit when he or she passes away. That doesn’t prevent someone from contesting life ...
However, from time to time, your named beneficiary cannot collect the payment. In that case, the policy passes on to your successor beneficiary. This is a substitute who can receive your insurance ...
Criminal law. Evidence. v. t. e. Estate planning is the process of anticipating and arranging for the management and disposal of a person's estate during the person's life in preparation for a person's future incapacity or death. The planning includes the bequest of assets to heirs, loved ones, and/or charity, and may include minimizing gift ...
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related to: life insurance beneficiary divorce