In 2008, Warren Hillman died at the age of 66. One of the assets he left behind was an insurance policy valued at $124,558.03. Like many Americans, Hillman forgot to update the beneficiary designation on the policy. As a recent article discussed, the results were likely not what Hillman would have wanted. All insurance policies allow the policyholder to make a beneficiary designation. A beneficiary designation allows the policyholder to select the person that they would like to receive the assets from the policy upon his or her death. It is vital that beneficiary designations be reviewed and updated regularly throughout a person’s life. When Hillman took out the policy, he was still married to his first wife, Judy Maretta. Naturally, Hillman named Maretta as the beneficiary on his account. Hillman divorced Maretta approximately 10 years before his death. Although Hillman remarried, he never changed the beneficiary designation on the policy. Since Hillman’s death, Maretta and his widow have been fighting over the proceeds of the policy. Recently, the United States Supreme Court decided that, based on the beneficiary designation, Maretta properly received the balance of the account. It’s likely not the outcome Hillmans would have wanted. But failing to properly plan his estate, in this case change the beneficiary designation to his new wife, resulted in his wishes not being properly carried out and his ex wife receiving life insurance proceeds. If you would like expert assistance in reviewing your beneficiary designations or helping you plan your estate, so that your wishes are properly carried out, please contact us at 818.956.9200.