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Who should be your beneficiaries?

| Dec 17, 2020 | Firm News

When you’re planning your estate in Pennsylvania, it’s important to designate beneficiaries for certain financial assets like savings accounts and retirement funds. The person listed as the beneficiary overrides whatever you stated in your will. Therefore, it’s important to choose the right person and update the beneficiaries periodically.

Who can be a beneficiary?

When it comes to estate planning, anyone can be a beneficiary. However, that doesn’t mean that everyone should be a beneficiary. It’s important to make wise decisions so that your assets will help your loved ones instead of harming them in the long run.

For example, if you want to make sure that your spouse is financially secure after your death, you might want to name them the beneficiary of certain accounts. You could also leave some of your accounts to your children to make sure they get a healthy share of assets. Depending on the situation, you might want to leave one child with more assets than others.

You can also name friends and other family members as beneficiaries if you want to financially care for them after your death. Your beneficiaries can include siblings, aunts, uncles, parents, grandparents, cousins and anyone else you want to name. Just keep in mind that you’ll have to update your beneficiaries if one of them dies before you do. You’ll also have to update your beneficiaries if you and your spouse get divorced. If you don’t, they may still receive some of your assets after your death.

What’s the best way to write your estate plan?

If you don’t hire an attorney while writing your estate plan, you could be potentially leaving your estate vulnerable to legal challenges and disputes. An attorney may help you write an airtight plan that protects your loved ones and reduces conflicts as much as possible.