Jul 11, 2011

How to avoid a nightmare!

Divorce and General Articles

I woke up in a cold sweat and it took me a few minutes to realize what caused my nocturnal chills – I dreamt of my demise and the ensuring reactions of family and friends.  Here I was looking down on the scene of mourners and sympathetic well wishers to my young adult children, my sister and brother-in-law and my ex……. WHAT!

What was my ex doing at my funeral and most incredulously why was my ex looking so
distraught?

What was that?  In my minds dreamlike state, I overhear my ex sadly remarking that it was all a mistake.  There must have been real long lasting feelings between us and there’s proof!  PROOF?

I left my ex’s name as the beneficiary on my company life insurance policy to the tune of $250K!!!!

After pinching myself red just to prove to myself it was a dream, I immediately jumped onto the computer to find out how this could  potentially
happen.  It appears that it is a simple thing to do but most don’t follow through while going through a divorce.  There are just so many things to think about and this is just one of things that typically fall between the cracks.

How do you ensure that you will not have nightmares like the one described above?  Contact your HR department today and request a Beneficiary Designation change form.  You must complete the form, select a new beneficiary and submit it.   If you have other insurances or a 401K or 403b ERISA plan with a death benefit, separate Beneficiary Designation forms must be completed as well.   Contact your financial advisor or plan administrator for the correct paperwork.

You will be glad you did and will be able to sleep better for it!