Spencer Law Firm LLC
717.207.7935 866.639.5451

August 2015 Archives

The Importance Of Beneficiary Designations

Life insurance and retirement plans compose the largest part of the estate for many people. Insurance death benefits, IRAs, Annuities, and 401 (k)s do not pass under your will. They pass under contract law to those persons or organizations who are designated as the beneficiary.

Your Divorce Is Finalized: Change Your Beneficiary Now!

What happens if I divorce my spouse and I don't change the designated beneficiary on my insurance policy? Every state has its own law governing this, but in Pennsylvania the insured's spouse is considered to have predeceased the insured spouse unless it appears the designation was intended to survive the divorce based on the wording of the designation; a court order a written contract between the individual and the spouse or former spouse, or a designation of a former spouse as a beneficiary after the divorce decree has been issued.

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Spencer Law Firm LLC
320 Race Ave
Lancaster, PA 17603

Toll Free: 866-639-5451
Phone: 717-207-7935
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