Is life insurance considered community property in Texas?

Is life insurance considered community property in Texas?

Generally, in Texas, any payments made to a life insurance policy premium during the marriage are considered to be community property. This means that upon divorce, the premium values can be split between the two spouses, leaving the policy proceeds still payable to the policy’s beneficiary.

Is a spouse automatically the beneficiary of a 401k?

If you are married, federal law says your spouse* is automatically the beneficiary of your 401k or other pension plan, period. You should still fill out the beneficiary form with your spouse’s name, for the record. If you want to name a beneficiary who is someone other than your spouse, your spouse must sign a waiver.

Does my spouse have to be my life insurance beneficiary?

Besides naming a spouse as beneficiary, a policyholder could choose another family member, such as an adult child, a business partner, or even a boyfriend or girlfriend outside the marriage. Insurance companies don’t make moral judgments about who is named as beneficiary.

What happens if you don’t name a beneficiary on a life insurance policy?

A beneficiary is a person or persons who will receive the death benefit from your life insurance policy when you die. If you die without naming anyone, the money will go to your estate (the sum of all your property, possessions, financial assets and debts) by default.

Does my wife have to be my beneficiary?

In simple terms, a life insurance beneficiary is a person who is entitled to receive the death benefit. There is no hard and fast rule that only your spouse or children can be named as your life insurance beneficiaries.