A recent SCOTUS ruling is a valuable reminder of just how important updating your estate planning can be. In the case of Hillman v. Maretta covered in Deborah L. Jacobs article on Forbes.com the Late Warren Hillman neglected to change the beneficiary of his life insurance policy after his divorce. To make matters worse he also failed to make the changes after remarrying.
Upon his death the policy was paid out to his ex-wife which didn't sit well with his widow. In the SCOTUS ruling it was determined that the policy proceeds indeed belonged to the ex. The case is of course complicated, involving the trumping of state law by federal law. I suggesting reading the article which can be found here.
Blended families bring their own complications to estate planning as we have discussed here many times before. The lesson here is plan now! For more information on this and other estate planning subjects, contact Idaho Estate Planning and schedule a consultation. Remember, good planning is no accident.