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Virginia Beneficiary Laws
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.
- Make the beneficiary designation irrevocable.
- Change the ownership and beneficiary on the policy to your former spouse.
- Prepare a written agreement stating that it is your intention that your former spouse be named the beneficiary on your life insurance policy beyond the date of the divorce or annulment decree.
- Make certain that your divorce decree or annulment contains provision stating that the benefi [...]
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make sure you do one of the following 4 things.
- Make the beneficiary designation irrevocable.
- Change the ownership and beneficiary on the policy to your former spouse.
- Prepare a written agreement stating that it is your intention that your former spouse be named the b [...]
Under Virginia Law (Virginia Code 20-111.1), a revocable beneficiary designation in a policy owned by one spouse that names the other spouse as beneficiary becomes void if there is an annulment or divorce decree.
If it is your intent to keep your former spouse as the beneficiary you need to make [...]
Small Businesses are Most at Risk for Identity Theft During Tax Season
During this tax season, many small business owners may be exposed to an unanticipated risk of employee identity theft. This excerpt from the article below outlines what small businesses can look out for, to protect their employees, leaders, and the business itself.
[Business] Owners need to be sure that anyone with [...]
During this tax season, many small business owners may be exposed to an unanticipated risk of employee identity theft. This excerpt from the article below outlines what small businesses can look out f [...]
The One Financial Mistake that 86% of Older Americans are Making
Are you making it too?
We all know we're supposed to save for retirement and do our best to estimate our future living costs.
But if there's one major expense countless Americans continue to miscalculate, it's health care — specifically, long-term care.
The solution? Long-term care insurance. The right plan [...]
Are you making it too?
We all know we're supposed to save for retirement and do our best to estimate our future living costs.
But if there's one major expense countless Americans continue to mis [...]
