{"id":4853,"date":"2016-06-30T17:06:18","date_gmt":"2016-06-30T17:06:18","guid":{"rendered":"http:\/\/www.racinelaw.net\/?p=4853"},"modified":"2016-06-30T17:06:18","modified_gmt":"2016-06-30T17:06:18","slug":"updating-life-insurance-beneficiaries","status":"publish","type":"post","link":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/","title":{"rendered":"Updating Life Insurance Beneficiaries"},"content":{"rendered":"<p dir=\"LTR\" align=\"JUSTIFY\">I had a recent case where an individual obtained a divorce from his wife, but did not remove her as primary beneficiary of his life insurance policy. The man\u2019s Will stated that everything should go to his children. When the man passed away, the issue arose, &#8220;Who gets the life insurance proceeds?&#8221;<\/p>\n<p dir=\"LTR\" align=\"JUSTIFY\">In general, a life insurance policy is a contractual relationship between an individual and the insurance company. Upon the death of the individual, the insurance company is under a duty to distribute the proceeds of the policy to the name beneficiaries regardless of what the individual\u2019s Will states. Thus, in the above scenario, under the contractual relationship, the ex-wife could argue that she is entitled to the life insurance proceeds.<\/p>\n<p dir=\"LTR\" align=\"JUSTIFY\">Fortunately, some states have laws to prevent an ex-wife from inheriting under a life insurance policy by automatically revoking the ex-spouse\u2019s beneficiary designation upon the divorce being final. But, revoking the ex-spouse\u2019s beneficiary designation may require judicial action which can be costly. Moreover, these laws only apply to ex-spouses and do not protect against other individuals that you may have wished to remove as a designated beneficiary.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/\"  title=\"Continue Reading Updating Life Insurance Beneficiaries\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>I had a recent case where an individual obtained a divorce from his wife, but did not remove her as primary beneficiary of his life insurance policy. The man\u2019s Will stated that everything should go to his children. When the man passed away, the issue arose, &#8220;Who gets the life insurance proceeds?&#8221; In general, a [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-4853","post","type-post","status-publish","format-standard","hentry","category-estate-planning"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Updating Life Insurance Beneficiaries|Racine Olson<\/title>\n<meta name=\"description\" content=\"When the man passed away, the issue arose, &quot;Who gets the life insurance proceeds?&quot; Do you need to update your will? Contact us at 208.232.6101\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Updating Life Insurance Beneficiaries|Racine Olson\" \/>\n<meta name=\"twitter:description\" content=\"When the man passed away, the issue arose, &quot;Who gets the life insurance proceeds?&quot; Do you need to update your will? 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Contact us at 208.232.6101","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/","twitter_card":"summary_large_image","twitter_title":"Updating Life Insurance Beneficiaries|Racine Olson","twitter_description":"When the man passed away, the issue arose, \"Who gets the life insurance proceeds?\" Do you need to update your will? Contact us at 208.232.6101","twitter_misc":{"Written by":"Racine Olson","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/#article","isPartOf":{"@id":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/"},"author":{"name":"Racine Olson","@id":"https:\/\/www.racinelaw.net\/blog\/#\/schema\/person\/aa8aa04699b3ee65fb6e3d91aaa6b2bd"},"headline":"Updating Life Insurance Beneficiaries","datePublished":"2016-06-30T17:06:18+00:00","mainEntityOfPage":{"@id":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/"},"wordCount":476,"articleSection":["Estate Planning"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/","url":"https:\/\/www.racinelaw.net\/blog\/updating-life-insurance-beneficiaries\/","name":"Updating Life Insurance Beneficiaries|Racine Olson","isPartOf":{"@id":"https:\/\/www.racinelaw.net\/blog\/#website"},"datePublished":"2016-06-30T17:06:18+00:00","author":{"@id":"https:\/\/www.racinelaw.net\/blog\/#\/schema\/person\/aa8aa04699b3ee65fb6e3d91aaa6b2bd"},"description":"When the man passed away, the issue arose, \"Who gets the life insurance proceeds?\" Do you need to update your will? 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