October 12, 2009 Tips for the Recently Divorced Client: 1. Update your Life Insurance Beneficiary designation: A divorced person needs to make sure that he/she updates the life insurance beneficiary designations following the completion of the divorce. If you nominates a minor, the minor’s guardian will receive the funds on behalf of the minor. Therefore, it is vital that the guardian of the child’s estate is nominated in your will. 2. Update your Retirement Plan Beneficiary designation: A divorcee will also need to update their retirement plan beneficiary designation. If the minor child is designated as beneficiary, the minor’s legal guardian will take over the assets on behalf of the child, unless there is a “Guardian of the Estate” designation so that the retirement plan administrator has the proper designee. 3. Update the Trustee nominations of the Living Trust: A divorcee should nominate the Trustee of the Revocable Living Trust (who will presumably also be in charge of the assets on behalf of the minor) as the Guardian of the Estate in the will. In case the Trust is improperly funded, any assets which may pass outside of the trust (and would presumably be probated) are distributed to the Guardian of the Estate rather than the Guardian of the Person. In addition, the removal of Trustee provisions should be updated so that the surviving parent is not empowered to file on behalf of the minor and petition to have your designated Trustee removed.