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What Is A Beneficiary?

A beneficiary is a person named on various accounts or plans to receive those assets when you pass away. For example, your 401(k) plan may give you an opportunity to name a beneficiary who would inherit the value of your 401(k). You can also name beneficiaries of life insurance policies, annuities, pensions, IRAs and more.

Choosing beneficiaries is an important step in any estate planning process because, without doing so, you have no control over those assets. Contracts or regulations will govern who inherits accounts or plans. Naming beneficiaries gives you control of your wishes and preserves the value of your assets.

How To Incorporate Beneficiaries Into Your Plan

Generally, you will have an opportunity to name a beneficiary before or after you set up the accounts or plans that allow them. You can choose anyone as a beneficiary, from family and friends to particular charities. Sometimes you can choose multiple people and decide a percentage that each will receive.

You should also consider secondary beneficiaries. If your first choice happens to pass away before you or refuses the inheritance, it would instead pass to the secondary beneficiary.

You can designate a beneficiary on your own but it is still a wise move to consult a lawyer. At The Law Office of Nicole C. Morris, P.A., beneficiary planning attorney Nicole C. Morris can put together a comprehensive plan with you, which would include beneficiary designations and insight into how your choices might affect your estate.

Ask Us About Your Plan

Our goal is to protect families’ estates and wishes to give them peace of mind about the future. For questions or guidance about your estate plan, please email us or call 561-855-0348. We offer consultation to discuss your needs in detail.

We are located in Palm Beach Gardens but we work all across Florida and with those outside Florida who have family here.