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Do Divorce Decrees Automatically Change Beneficiary Designations?

After a major life change like divorce, you might assume your financial arrangements, especially beneficiary designations, are automatically updated. But does your divorce decree truly change who inherits your assets? Here's what you need to know about beneficiary designations after divorce: ► Divorce decrees generally do not automatically change beneficiary designations on accounts like life insurance or retirement plans. ► You must proactively review and update every single beneficiary designation by contacting each institution individually and completing their specific forms. ► This applies to various assets including life insurance, IRAs, 401(k)s, and payable-on-death accounts. ► A Qualified Domestic Relations Order (QDRO) is a specific exception for compelling beneficiary changes in some employer-sponsored retirement plans. ► Updating your beneficiaries ensures your assets are distributed according to your current wishes and prevents future legal disputes. #DivorceBeneficiaries, #EstatePlanning, #PostDivorceFinance, #LegalTips, #FinancialPlanning, #GetDivorceAnswers