How should I choose beneficiaries?

On Behalf of | Nov 29, 2022 | Blog, Estate Planning |

When thinking about the variety of information you need to write in a will, picking who will get your assets and heirlooms could seem overwhelming.

Understanding what beneficiaries are and why you should think seriously about who you name in your estate plan can help you feel secure.

Options and why they matter

According to Kiplinger, if you fail to choose any beneficiaries, people in your family or close friends may not get the heirlooms or money that you want them to get. Thankfully, you can choose multiple people for this role so that you can specify what you want to give to each person.

You do not have to pick someone related to you to be a beneficiary and you also can pick a place to donate to, such as a charity. Children who are younger than 18 years old may need a trust since they cannot make financial decisions on their own.

Needs and inheritances

When choosing what items go to your loved ones, you may want to consider the circumstances that they face. If one beneficiary passes away, you may want to name a second person to inherit those items so that there is no confusion about what happens next.

Talking to people before writing out a will and making your wishes clear could help if you want to prevent arguments after your death. You may want to update and rethink who you choose as beneficiaries as the years go by and weddings happen. Thinking seriously about the weight and importance of choosing beneficiaries is one part of completing your estate planning.

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