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Whom Can You Designate To Be The Beneficiary?

Published 08/13/2012 08:13 AM   |    Updated 12/19/2012 03:14 PM
Whom Can You Designate To Be The Beneficiary?

You may designate any person, firm, corporation or legal entity (including your own estate individually or as a trustee) as principal or contingent beneficiary. Þ Note: State divorce decrees, separation agreements or other state court or municipal court documents are not binding on the determination of a beneficiary.

Married Servicemembers should be aware that if they name a beneficiary other than their spouse or child their spouse will be notified by the Department of Defense that a change has been made. The only exceptions to this rule are if:

1. the spouse has already been notified of the change, and

2. the spouse was not the beneficiary in the election prior to the current beneficiary change.