Page 4 - The Shores of Jupiter - July '24

Page 4, The Shores
Financial Focus ®

Be Careful When Naming everyone in your family should know who is expected to Thus far, we’ve only talked about beneficiary designation
get which assets. One significant benefit of having proper
issues surrounding divorce. But if an ex-spouse — or any
Beneficiaries beneficiary designations in place is that they may enable beneficiary — passes away, the assets will generally pass to
beneficiaries to avoid the time-consuming — and possibly a contingent beneficiary — which is why it’s important that
By Sally Sima Stahl expensive — probate process. you name one at the same time you designate the primary
You might not have The beneficiary issue can become complex because not beneficiary. Also, it may be appropriate to name a special needs
thought much about everyone reacts the same way to events such as divorce trust as beneficiary for a family member who has special needs
beneficiary designations — — some people want their ex-spouses to still receive or becomes disabled. If this individual were to be the direct
but they can play a big role assets while others don’t. Furthermore, not all the states beneficiary, any assets passing directly into their hands could
in your estate planning. have the same rules about how beneficiary designations affect their eligibility for certain programs.
When you purchase are treated after a divorce. And some financial assets are You may need to work with a legal professional to sort out
insurance policies and open treated differently than others. beneficiary designation issues and the rules that apply in your
investment accounts, such Here’s the big picture: If you’ve named your spouse state. But you may also want to do a beneficiary review with your
as your IRA, you’ll be asked as a beneficiary of an IRA, bank or brokerage account, financial advisor whenever you experience a major life event,
to name a beneficiary, and, insurance policy, will or trust, this beneficiary designation will such as a marriage, divorce or the addition of a new child. Your
in some cases, more than automatically be revoked upon divorce in about half the states. investments, retirement accounts and life insurance proceeds are
one. This might seem easy, especially if you have a spouse So, if you still want your ex-spouse to get these assets, you will valuable assets — and you want them to go where you intended.
and children, but if you experience a major life event, such need to name them as a non-spouse beneficiary after the divorce. This article was written by Edward Jones for use by your local
as a divorce or a death in the family, you may need to make But if you’ve named your spouse as beneficiary for a 401(k) plan Edward Jones Financial Advisor, Edward Jones, Member SIPC.
some changes — because beneficiary designations carry or pension, the designation will remain intact until and unless Edward Jones is a licensed insurance producer in all states
a lot of weight under the law. you change it, regardless of where you live. and Washington, D.C., through Edward D. Jones & Co., L.P.,
In fact, these designations can supersede the instructions However, in community property states, couples are generally and in California, New Mexico and Massachusetts through
you may have written in your will or living trust, so required to split equally all assets they acquired during their Edward Jones Insurance Agency of California, L.L.C.; Edward
marriage. When couples divorce, the community property laws Jones Insurance Agency of New Mexico, L.L.C.; and Edward
require they split their assets 50/50, but only those assets they Jones Insurance Agency of Massachusetts, L.L.C.
obtained while they lived in that state. If you were to stay in the Edward Jones, its employees and financial advisors cannot
same community property state throughout your marriage and provide tax advice. You should consult your qualified tax advisor
divorce, the ownership issue is generally straightforward, but if regarding your situation.
you were to move to or from one of these states, it might change Contact us at (561) 748-7600, Sally Sima Stahl, AAMS, 1851
the joint ownership picture. W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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