Designating beneficiaries is a vital part of planning your estate. You’ll have peace of mind knowing the ones you care about will have something to remember you by or prosper after your passing. Whenever you have a retirement or a life insurance policy, it’s vital to have a beneficiary designation. If not, your next of kin will receive the money, which can immensely delay the process.
Seek a Utah estate planning lawyer to know how you can designate your retirement and life insurance for your beneficiaries.
A beneficiary designation is a legal process determining who receives your life insurance, retirement, or other aspects of your estate. Without a will or having a designated beneficiary on each one of the policies, etc., your next of kin will inherit everything. Therefore, it’s important to keep your beneficiary designation current and have one in general.
Beneficiary designation trumps your will. If you have someone designated to receive your retirement as the beneficiary, they’re the ones who receive the money rather than what’s listed in the will.
However, you can include your retirement and insurance accounts in your will and not designate a beneficiary on the policies. Once someone is a designated beneficiary, they receive that asset and must pay any necessary taxes.
You can name a person, a trust, an estate, or a charity as your beneficiary. You may also divide up the beneficiary designation. For example, you could divide the estate per capita if you have three children. Almost anyone can be a beneficiary, but some states have laws.
At Mountain View Law Group, our Utah estate planning lawyer specializes in estate planning including trusts, wills, beneficiary designation, and more to ensure your wishes are upheld upon your passing. Contact us today by calling 801-393-5555. Our attorney can help you plan your estate, designate beneficiaries, and other similar services.
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