Beneficiary Options For Children During Divorce – California Divorce
Tim: As it pertains to life insurance and with having young children and making them the beneficiaries, going through a Divorce, what are some of the options folks have?
Can they assign other beneficiaries or how does that work and how does that ultimately get transfer?
Jon: Yes, so changing beneficiaries for some is very easy. And it’s usually one page form. You say, ‘Now I want my brother to be the beneficiary.’ and you sign it.
It’s that simple.
So what we usually encourage people to do is that they’re not going to go down the road of some sort of trust, is to name a family an adult family member who’d be the one that they would expect to handle their affairs when something happened to them.
And so that maybe, I mean it’s still be a parent depending on how old you are. It maybe a brother or sister or somebody or an extremely close friend but that’s your choice to make.
And the changing it like I said is very simple.
Jon: And then if a year from now you know you’re going to fight with your brother and you don’t want him to be the one, you change it again.
There’s no cost to changing beneficiaries. And it’s done within like a week or two. So it’s a very simple process.