Understanding Beneficiary Designations
Beneficiary designation arrangements are common. Some financial services and accounts require that the primary account holder nominate an heir or beneficiary. You may be asked to designate a beneficiary for:
Beneficiary designations are similar to other “payable-on-death” accounts; thus, while you are still alive, your beneficiary has no rights to access your account or assets. Once you pass away, they will receive the contents.
How to Choose a Beneficiary
Your selection of beneficiaries should be aligned with your existing estate plan. Your ideal beneficiary is someone you trust and someone you wish to provide for once you have passed away. Before nominating a beneficiary, you might want to consider the following questions:
Why You Should Keep Beneficiary Designations Updated
You should always keep your beneficiary designations up to date. If you do not name beneficiaries or keep your designations updated, it’s possible that:
Do You Need To Speak With An Attorney About Estate Planning?
If you need to speak with an experienced estate planning lawyer please contact us online or call us directly at 800.756.5596 to first register for one of our free, informative seminars. Your attendance will qualify you for a special discount for our estate planning services should you decide to make a free appointment at the conclusion of the seminar and choose to proceed with us. We proudly serve clients throughout California with offices in Torrance, Newport Beach, Orange, Woodland Hills and Pasadena.