Supreme Court of the United States Issues Opinion on Beneficiary Designations of Divorce Spouse's Life Insurance Policies

Today, the Supreme Court of the United States issued an opinion regarding a Minnesota state statute that retroactively revokes designations of spouses of beneficiaries of life insurance policies upon divorce.  You can read the full opinion:  Sveen et al v. Melin.Divorced individuals should review all bank accounts, retirement accounts, annuities, life insurance policies and other documents with beneficiary designations to be sure that the spouse has been removed as a beneficiary, and a new beneficiary is named. Also, divorced individuals should inform their employer, insurance companies, taxing authorities, governmental agencies, the Social Security Administration and any other interested parties of the finalization of the divorce. Ordering a copy of a credit report to make sure that none of the former spouse’s debts or responsibilities appear should also be part of the post-divorce checklist.If a divorced person does not have a Will, or has a…

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