Naming a beneficiary is one of the more important steps in anyone’s estate planning strategy. After all, you want your assets and other belongings to end up in the right hands after you die — whether that be money, cars, your home, or a priceless family heirloom like jewelry or an antique grandfather clock.
But who can be a beneficiary? The answer may surprise you.
Beneficiary Facts You Might Not Know
When most people start thinking about who their beneficiaries might be for their will or trust, they automatically jot down immediate family, such as their spouse and children. And that makes complete sense. You may not know that you can name more than one beneficiary, and you also have the option to go beyond your spouse and kids if it makes sense for your situation.
Examples of beneficiaries for your will and trust might include:
- Parents
- Grandparents
- Siblings
- Relatives (cousins, nephews, nieces, etc.)
- Close friends
- Your estate
So if you want your kids to have a specific amount of money for college, your spouse to have money and access to all property, and your sister to have your great-grandmother’s wedding ring, you can do that.
If you want to give all of your money to a specific charity, you can do that, too!
The attorneys at Christman, Ramsey & Foster, PC realize that while there are a variety of legal instruments designed to cover all of your bases, it can be confusing knowing which one checks all the appropriate boxes when it comes to your final wishes. It may also be difficult to decide which beneficiary you want to name in your estate plan. The good news is that you can include as many details as possible in your estate plan because the amount of control you can have is pretty vast.
We are here to help you put together a complete estate plan, not just a will, including trusts, health care directives, powers of attorney, and various other documents that, working together cover all of your bases now and into the future. Our attorneys will help you create legal instruments to distribute your assets according to your wishes, nominate a guardian for minor children, minimize family disputes, avoid probate and estate administration, and plan for incapacity.
Start planning for the future today and protect your family’s assets with the help of our trusted estate planning attorneys. Our team is dedicated to creating peace of mind for our clients and their loved ones.
Please call Christman, Ramsey & Foster, PC, for your legal needs today!
Please consult an attorney for advice about your situation. The material on this website and in this or any blog article we publish are for informational purposes only. And do not constitute legal advice. The attorneys at Christman, Ramsey & Foster, PC believe in tailoring legal advice and solutions to your circumstances.
We have an unwavering commitment to helping our clients at each stage of their legal situation.
