Estate Planning Pitfall #23: Unintentionally Enriching Your Ex.

While married, most spouses designate one another as the beneficiary of their respective life insurance policies and retirement plans. However, after your divorce you should ensure that all beneficiary designations are updated. Otherwise, your ex-spouse may be entitled to receive the funds intended to benefit your children or other loved ones. I wish I could say I have never seen this happen but I have. Please, please, please- if you love your kids or new spouse, or even if you like them (even a little bit), CHECK YOUR BENEFICIARY DESIGNATIONS PERIODICALLY!