Who Should be Your Beneficiary Designations?
Proper beneficiary designations are very important when planning your estate. A Will or Trust document should state clearly and precisely the identity of all primary and secondary beneficiaries. Problems arise when these descriptions are unclear or confusing, particularly where document provisions provide for alternate beneficiaries in the event of certain contingencies. Triggering events and beneficiary identities need to be spelled out.
Confusion or misinterpretation of beneficiaries and the interests they are to receive can result in Court delays, added expenses and the possibility that the intention of the testator or trust grantor may not be fulfilled.
If you need help with your Will and beneficiary designations, or are involved with a situation where there is a dispute or confusion over beneficiary designations, the advice and council of an attorney can be a big help. Regardless of the size of an estate, most adults — young and old — and their families benefit greatly from having a well-prepared estate plan consisting of documents such as a: Last Will, Health Care Proxy, Power of Attorney and Living Will.
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