Things to Consider When Choosing Beneficiaries

A primary reason to create an estate plan is to designate beneficiaries who will receive certain property once you pass away. 

Beneficiaries Designation

A beneficiary designation involves naming the person who will directly receive an asset in the event of the death of its owner. Estate planning documents such as a Last Will & Testament and Revocable Trust require beneficiary designations. 

Work with an Attorney

A lawyer will take the time to review your situation and understand your goals to ensure you have an estate plan that accurately reflects your wishes. 

Special Heirs you do not want to Include 

It is important to include beneficiaries in your estate plan so they can receive certain property and assets. It is also recommended to name anyone you do not wish to receive any of your property or assets. Using an attorney to draft your estate plan will ensure that when your estate goes to probate, the non-heir cannot easily challenge your wishes and desires. 

Consider using a Trust for your Beneficiaries 

If you know that one or more of your heirs do not usually make responsible financial decisions, you may want to consider placing their inheritance in a trust instead of giving them their inheritance directly. By using a trust, you will have more control over how and when your assets are distributed to your heirs. 

Review your Beneficiaries Regularly 

You should review and change your beneficiaries whenever there is a life change such as a marriage, divorce, birth, or death. By regularly reviewing your estate plan, you ensure that your estate plan still accurately reflects your wishes. 

For more information, contact our office at Askew & Associates, P.A. by calling 954-546-2699.

Disclaimer: this blog post is not intended to be legal advice. We highly recommend speaking to an attorney if you have any legal concerns.