A beneficiary is an individual or entity who will receive a benefit, asset or monetary amount once you have passed. Beneficiaries are often named in a Will, Trust, insurance policy and other accounts which often have a beneficiary designation.
Naming beneficiaries are ways that allow you to choose who your assets or funds will be given to once you are no longer able to receive them yourself. Choosing beneficiaries is not always easy but is something our firm assists clients with daily.
Often individuals choose their spouse and children as beneficiaries, but others such as siblings, friends and even charities or churches can be designated as a beneficiary. What is important is that you choose beneficiaries that you wish to receive your estate through estate planning, so that beneficiaries are not chosen by statues outlined by the state.
Our firm works to help you not only choose beneficiaries but outline those beneficiaries in an estate plan that best suits your needs.
If you have any questions about the topic discussed in this video, or any estate planning matter, please give us a call at Bononi & Company 724-832-2499.