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Your Guide To Picking Beneficiaries

/14 Sep 2022
/By admin

Estate planning is a task that requires much thought. One of the most nuanced, yet simple, aspects of estate planning is choosing your beneficiaries. If you have relatives that you cherish, you may want to make sure they receive a portion of your estate after your departure. You may have so many people that you are fond of, that you want to ensure no one is left out. You may also choose to donate some of your estate to a charity organization that is near and dear to your heart. It can be tricky dividing up your assets, but this guide will hopefully give you more insight so that you can make confident decisions in regards to your estate plan. 

A beneficiary can be anyone you want. Think about it this way, these are your belongings and assets, so who you want to give them to is a personal decision that only you can make. The best thing you can do is choose based on your heart and who you want to receive a part of your legacy after you are no longer here. Another thing to consider is that if you list your children as beneficiaries, you may want to designate that they receive equal share of assets, or at least noting what percent each of your children will get, so that the process is simpler and helps prevent familial disputes from arising.

Many people choose their spouse, best friends, and other relatives as beneficiaries, but that will depend on who matters most to you. As a team member from Carpenter & Lewis PLLC would suggest, you can write instructions that are specific, such as that you want certain properties to go to one person. Or, you can view it in terms of percentages. The benefit of having an estate plan is that you are in control of how your assets will be handled because if you pass away without a plan, then a judge may oversee its distribution through probate instead. It is advisable to designate a secondary or contingent beneficiary in case your first beneficiary passes before you. 

Estate planning can seem like a complicated task, but like many other things in life, the more you know the better. When you get more insight into something, you can understand the purpose of it and then make choices that are best suited for you. Depending on your situation, choosing beneficiaries may be easy or more difficult. But either way, if you know what the task entails, you can rest assured that your wishes are properly reflected within the estate plan. If for any reason you have an estranged relative or other person who may come forward and attempt to contest the will in court, you can add statements into your estate plan that this individual is not to receive any portion of your estate after your passing. Consider speaking to your lawyer, like a estate planning lawyer Knoxville, TN families trust from Carpenter & Lewis PLLC, if you are having trouble deciding who should be beneficiaries, and how to exclude those who may cause problems later on.