How can estate planning can help your beneficiaries?
Careful estate planning can help you make sure that your property goes to the intended beneficiaries. A beneficiary is someone who receives your assets. The term “beneficiary” is often used to refer to the person who gets an inheritance through a will. However, the term also applies to someone who receives benefits under certain policies, such as life insurance.
You can designate beneficiaries in your last will and testament. Consider the following as you think about who you would want to name as a beneficiary:
In addition to taking care of your loved ones through your last will and testament, do not forget to make beneficiary designations for your accounts and policies, including:
– Bank accounts
– Investment accounts
– Retirement accounts and other retirement plans
– Life insurance policies