Every estate has people who are legally entitled to receive the assets. These are the beneficiaries. Ideally, they are set forth in the will or estate plan that details how the property is to be distributed. It is up to you to review your own situation to decide who will be the beneficiaries.
There are few limitations on who can be a beneficiary. You can designate people or organizations to receive your assets. Before choosing beneficiaries, you should consider the people and things that are important to you. Think about who depends on you and who might need the money or property.
Make Your Beneficiary Choices Known
Usually, beneficiaries are family members, but you could also decide to bequeath property to a charitable organization. It is up to you, and there are very few limitations. They are your assets that you have worked hard for, and you can decide where they go when you are gone. The key thing is to make your wishes clear in a legally binding document.
When choosing beneficiaries, you should consider what may happen in the future. For example, a beneficiary may die. This is why people often designate primary and contingent beneficiaries. This selects people who are second in line to receive assets if something happens to the primary beneficiary.
Once someone becomes a beneficiary, they have a legal right to information about the estate. They can learn about the will and receive a copy of it. They are also entitled to an accounting from the executor.
Libertyville Estate Planning Attorney
Contact the law firm of Charles T. Newland & Associates for your estate planning needs. We can help you put your choices down on paper, ensuring that you can take care of your loved ones. Call us at 847.797.9300 or contact us online to schedule a time to discuss your needs.