A beneficiary is someone who will inherit property, money, or other assets from the person making the will after that person has died.
There are a number of things you need to take into consideration when it comes to picking your beneficiaries and executor.
A perfect example of this is if you have a spouse living in another state and children living in the same state as you. You may want your spouse to be named as a beneficiary, but someone else to be named executor.
There are many things that should be taken into consideration before selecting your beneficiaries; these are discussed below.
What are the Things to Consider When Picking the Beneficiaries of Your Will?
Deciding who will inherit your wealth when you pass away may seem like a daunting task, but it is not as difficult as many people assume. The main thing to remember when picking your beneficiaries is that your will should be based on the best interests of your loved ones, not just words on paper.
Here are some of the things you should take into consideration when it comes to picking your beneficiaries:.
The Grieving Process
You should consider the time required by each individual to grieve and deal with their loss in regards to the amount of money you leave behind for them.
Your will can be a document used by the executor of your estate to complete probate or administration, which legally transfers assets from your real estate into an account, known as guardianship in some states.
When picking beneficiaries, you should pick your family first.
If there is a chance that your family members will fight over who gets what, it’s best to consider each view before disinheriting them.
Instead, you can leave them with a smaller amount of money or assets that they would otherwise need to fight over.
You may decide to name young children as beneficiaries if they still i need financial support from you until they reach a certain age.
If not, they can get the money sooner while they are still young and in need of help until they become independent adults.
The Probate Process
If you do not want probate, you should name someone that is capable of handling the process.
This person will conduct all the steps in the probate to transfer your assets into your beneficiaries’ names. The executor can also pick up the cost of probate if a suitable executor is not selected prior to a court hearing that considers the petition for dissolution of the estate.
The purpose of having an executor is so that he or she can move your assets into the beneficiary’s name without requiring any court proceedings.
You should protect yourself against legal confusion and unavoidable costs by engaging the legal services of a law firm like atkins dellow and selecting an executor when writing a will.
The executor can also ask an examiner to review your will if there are doubts about it. The next step is to bring a petition before the court asking for them to appoint an investigator to look into the case.
The purpose of this is to help you more clearly define how your assets should be distributed amongst your beneficiaries in your absence.