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All,
I view the news section of our forums as kind of an opportunity to provide “public service announcements” in a way. This Wall Street Journal article – His Ex Is Getting His $1 Million Retirement Account. They Broke Up in 1989. A legal fight over a forgotten form offers a cautionary tale – is one such example.
I have seen this personally. When I was an officer in the pilot union at American Airlines I had to take a check to a beneficiary that was not a deceased pilots spouse or three small children. Why? He had not updated his beneficiary after getting married and having the three kids. It was a total disaster. This article spells out a somewhat similar set of facts. Please load it up and read it. It is a short read and it provides you information for serious consideration. Please discuss the matter with friends and family, people that that you care about.
Is this a common situation? More common than you might believe. And it is really upsetting to all involved…except for the person getting the unexpected windfall.
Enjoy,
Phillip Beall (W5EBC)
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