Beneficiary of Will
Considerations When Naming the Beneficiary of Will
It is important to select and name the beneficiary of a Will with care. The beneficiaries will receive the assets or benefits that have been designated in the document. There may be a single beneficiary or even multiple beneficiaries.
You need to be careful about how you name a beneficiary of a Will. While identifying beneficiaries by name and relationship is what you want to do, problems can still arise. For example, suppose you name your children as beneficiaries. Should one of your children predecease you, you will need to specify what happens to that person's share to avoid confusion. If you want that child's share to go to his or her heirs, then you must make that intent clear in your beneficiary designation. This can be accomplished by clearly setting forth an alternate beneficiary designation or by including a per stirpes clause.
Also, you should periodically review your Will and make sure that the beneficiary choices still reflect your desires. You should make certain that beneficiaries have not died or become too ill or incapacitated to enjoy the benefits of the funds or assets you plan to give them.
I was admitted to the New York State Bar in 1979 and admitted to the Supreme Court of the United States in 1982 after graduating in the top 10% of my class at The New England School of Law in Boston. I was admitted to the United States Court of Appeals, Second Circuit and the United States District Court for the Southern and Eastern Districts of New York. I started my own law practice in New York City in 1985. I have many years of experience successfully working with and advising clients in creating and executing plans that effectively express their personal desires regarding the disposition and protection of assets. I do this while providing potential tax advantages and security for family and beneficiaries.
You can contact me by phone at (212) 355-2575 or fill out my contact form. I look forward to talking with you.