As an IDG Legal member, you have access to a variety of legal services; including estate planning support. This valuable service provides you free help from a lawyer to ensure that your assets – which are your valuables, property, or finances – are distributed according to your wishes after your passing. One of the most important decisions you’ll make in this process is choosing the right beneficiaries for your assets.
What is a Beneficiary?
A person that you choose to receive your assets; such as life insurance policies, retirement accounts, and bank accounts. When you name a beneficiary, you are essentially giving them the legal right to inherit your assets once you’re gone.
Factors to Consider When Choosing Beneficiaries
There are a number of factors to consider when choosing beneficiaries for your assets. They include:
- Your relationship with the beneficiary. You should choose beneficiaries who you trust and who you believe will use the proceeds of your assets wisely.
- The beneficiary’s financial needs. Consider the financial needs of each potential beneficiary. You may want to prioritize those who are most in need of financial assistance.
- The beneficiary’s age. If you are naming minor children as beneficiaries, you should consider creating a trust to manage their inheritance until they reach adulthood.
- Your estate planning goals. Your choice of beneficiaries should be consistent with your overall estate planning goals.
How to Choose Beneficiaries
There are a few things you can do to choose the right beneficiaries for your assets:
- Talk to your family and friends. Discuss your estate planning goals with your family and friends. Get their input on who you should name as beneficiaries.
- Review your assets. Take some time to review your assets and understand how they are titled. This will help you to determine who has the right to inherit your assets if you don’t name a beneficiary.
- Consult with a lawyer. A lawyer can help you to understand the legal implications of naming beneficiaries. They can also help you to create a trust if you are naming minor children as beneficiaries.
It is important to review your beneficiary designations regularly. As your circumstances change, you may need to update your designations to reflect your current wishes.
Free Simple Will Support from IDG Legal
Choosing the right beneficiary is an important decision that should not be taken lightly. With IDG Legal, you can have a lawyer prepare a Simple Will for you, for free.
Tap below to get more information and fill out a form for immediate support.
