Account designations in favor of an ex-spouse

Originally published by Michael Young.

For decades, Texas law has provided that a designation of a spouse as a beneficiary in a life insurance policy or a will is rendered void by a divorce. The exceptions are limited. The provision regarding life insurance policies is found in Section 9.301 of the Texas Family Code. The provision regarding wills is found in Section 123.001 of the Texas Estates Code. These provisions often arise in my life insurance beneficiary dispute practice and in estate disputes. Until recently, there was no similar provision regarding beneficiary designations for multi-party financial accounts. In 2015, the Texas legislature added Texas Estates […]

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