Who Are Beneficiaries?
Beneficiaries are those (either an individual person or an entity, such as a charity) who a person selects to receive a benefit from their estate. They can be named in many ways including through a trust, will, life insurance policy, etc. It is important that you plan your estate and name these beneficiaries because they are often the people who you are responsible for now or those who rely on you for financial support. These are your children, spouse, extended family, business partner and so on. You ‘name’ these people as beneficiaries when you plan for the distribution for your estate when you die. Leaving the house to your spouse, or a life insurance policy that will supply for your child’s college education or a trust that is designed to handle your families finances and mange its wealth. Each creates a beneficiary interest in your estate which the person may claim in the future. These are all important things you must consider when deciding what your family may need if you were to die unexpectedly. Sagaria Law’s attorneys can listen to your needs and circumstances and help you create a plan that is right for you and the people you wish to be the beneficiaries of your estate.