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How do I name beneficiaries for my assets?

Designating beneficiaries for your assets is an important aspect of estate planning. In this guide, we will discuss the process of naming beneficiaries for various types of assets, and provide tips on how to ensure your wishes are carried out as intended. Whether you're in the early stages of estate planning or looking to update your existing plans, this guide will help you make informed decisions.

For experienced estate planning attorneys, reach out to Heritage Law Office. Our knowledgeable attorneys will guide you through the process and ensure your assets are distributed according to your wishes. Contact us online or at 414-253-8500 to schedule a free consultation today.

Understanding Beneficiaries

What is a beneficiary?

A beneficiary is an individual or entity that is designated to receive assets or benefits from a person's estate, insurance policy, retirement account, or trust. The person who designates the beneficiary is often called the grantor, owner, or policyholder.

Types of Assets and How to Name Beneficiaries

Bank Accounts

To designate a beneficiary for your bank accounts, you can set up a payable-on-death (POD) account. This allows your chosen beneficiary to receive the funds in the account upon your death without going through probate.

Retirement Accounts

Retirement accounts such as 401(k)s, IRAs, and pension plans typically allow you to name a beneficiary directly on the account. Contact your account provider to obtain and complete the appropriate beneficiary designation form.

Life Insurance Policies

Life insurance policies allow you to designate one or more beneficiaries to receive the policy proceeds upon your death. To name a beneficiary, complete the beneficiary designation form provided by your insurance company.

Real Estate

To transfer real estate to your beneficiaries, consider setting up a transfer-on-death (TOD) deed. This legal document allows you to designate a beneficiary who will automatically inherit the property upon your death, bypassing the probate process.

Investment Accounts

For investment accounts such as stocks, bonds, and mutual funds, you can set up a transfer-on-death (TOD) registration. This allows your chosen beneficiary to inherit the assets without going through probate.

Tips for Naming Beneficiaries

Be Specific

Clearly identify your beneficiaries by providing their full legal names, Social Security numbers, and addresses to avoid confusion and potential legal disputes.

Keep Your Designations Up-to-Date

It's important to review and update your beneficiary designations periodically, especially after major life events such as marriage, divorce, or the birth of a child.

Consider Contingent Beneficiaries

Name contingent beneficiaries in case your primary beneficiaries predecease you or are unable to inherit the assets. This ensures your assets are distributed according to your wishes.

Seek Professional Guidance

Consult with an experienced estate planning attorney to ensure your beneficiary designations align with your overall estate plan and comply with applicable laws.

How an Estate Planning Attorney Can Help

An estate planning attorney can help you:

  1. Understand the various types of assets and their unique considerations.
  2. Draft appropriate legal documents such as wills, trusts, and beneficiary designation forms.
  3. Ensure your beneficiary designations are consistent with your estate plan.
  4. Keep your estate plan up-to-date and compliant with current laws.

Contact an Estate Planning Attorney

If you need assistance with naming beneficiaries for your assets or have other estate planning concerns, Heritage Law Office is here to help. Our experienced attorneys will work closely with you to create a customized estate plan that meets your needs and wishes. To get started, contact us online or call us directly at 414-253-8500.

Contact Us Today

For a comprehensive plan that will meet your needs or the needs of a loved one, contact us today. Located in Downtown Milwaukee, we proudly provide legal advice to those in Milwaukee County and surrounding communities.

Milwaukee Office
757 N. Broadway, Suite 300
Milwaukee, WI 53202
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Minneapolis, MN 55104
414-676-2787 (fax)
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