6 Tips How To Better Handle Beneficiary Designations

Did you know many assets pass by beneficiary designations just by filling out a form? Create your estate plan so that you have control over your asset distribution to your loved ones during your lifetime.

Beneficiary designations are an essential way to distribute most of your assets quickly and effectively. You will avoid the often painful and lengthy probate court procedures.

We will explain how to make proper beneficiary designations to carry out your intentions.

1. Don’t Forget To Name A Beneficiary

We live busy lives. We get a ton of forms when we start a new job or open new accounts. We may lose them or forget where we placed them.

Worse yet, we honestly want to fill them out, but we are unsure or procrastinate over making such decisions. The form truly takes a few minutes, and it is better to reasonably identify a loved one rather than leaving the form blank.

Besides naming a primary beneficiary, it is essential to name a contingent beneficiary if the primary beneficiary has either passed away before the asset owner or has become incapacitated.

2. Name A Contingent Beneficiary

If necessary, we need to periodically review, update our beneficiaries to who we intend our assets to go.

3. Reviewing, Changing, and Updating Your Beneficiary Forms

When designating an intended survivor, they may have a commonly misspelled name or a title like Junior, Senior, or the III after their name. Check that you are indicating the correct person.

4. Make Sure You Have Correct Spelling of Intended Beneficiaries

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