The Effect Of A Divorce For A Life Insurance Policy For Estate Planning In South Carolina
If you have a life insurance policy it is very important to know who the beneficiary is. When you get divorced in South Carolina and your former spouse was the beneficiary for the life insurance policy it is often a good idea to review the policy or change the beneficiary unless you want to the former spouse to get the proceeds of the policy. In South Carolina if a spouse is named in a will and there is a divorce then the spouse is eliminated from receiving anything under the will. An insurance policy with a beneficiary is a contract and does not pass under the will. There is no safeguard provision to protect a deceased person from giving all of their life insurance proceeds to a former spouse. It is always good idea to review your estate plan and all financial policies in the case of a divorce.