Choosing Your Estate Planning Beneficiary
Planning for what will happen to your estate after you pass is one of the most important decisions you will make to protect those you love. While no one enjoys thinking about these things, choosing your estate planning beneficiary brings the peace of knowing there is a plan in place. Taking time to choose the right person will help assure that your wishes are respected as much as possible.
Choosing Your Spouse
Married people often choose their mate as a beneficiary to ensure that they will have the ability to live comfortably. Those with blended families consider the needs of children of both spouses when making beneficiary decisions to ensure fairness to all. The health of the spouse affects the choice if it impacts their ability to function and make decisions.
Choosing Your Adult Child or Grandchild
Choosing an adult child or grandchild is an option that is used in many cases if a spouse is ill or they have predeceased you. This would allow for the care of an ill spouse or distribution of funds to others. Each family has different dynamics which need to be examined to avoid potential problems. Choosing your estate planning beneficiary and explaining your wishes to them is the best way to avoid problems at a time when emotions are hard to deal with because of grief.
Some prefer to set up a trust to avoid potential rivalry between family members and to have more control over how proceeds are distributed. This can ensure that money is not spent quickly or unwisely. Tax laws and different kinds of trust need to be considered.
If you desire to leave your estate to a specific charity you can choose to make them your beneficiary.
Choosing your estate planning beneficiary is an important decision that will affect your family and loved ones when you are no longer there to help them. The law offices of Mindy Felinton are available to help. Mindy has 30 years of experience in estate planning as well as other expertise that will benefit your long term planning. She takes time to go beyond simply filling out legal papers by striving to understand your individual circumstances and long term planning goals to help her clients make the best possible decisions. You may call her offices at 301-610-0055 or visit Felinton Lawwhere you can read about her practice and even sign up for a free seminar.