beneficiary - family of three in front of a house

Who Should Be Your Beneficiary

The easiest and clearest way to leave someone money, possessions, or valuables when you pass away is through choosing a beneficiary. The decision of who to make your beneficiary should be carefully considered and can change with significant life events or legal requirements. Making the best decision to ensure that your wishes are followed upon your death can be difficult. Phelps LaClair serves Gilbert, Chandler, Mesa, Phoenix, and Scottsdale by providing wills and trusts for clients who are proactively thinking about their loved ones’ futures. We can help provide guidance on deciding who would be the best possible fit as your beneficiary.

Things to Consider

When deciding who to entrust your wishes and valuables to upon your death, there are several things to consider. You may have specific wishes over how to distribute your assets and it is best to ask yourself some questions when imagining the future without you. These questions can be:
*Are there children or grandchildren to consider?
*Will your children need money to pay for college?
*Are there underage children to care for?
*Are there medical bills to be covered?
*Do you have a favorite charity?
*Who do I trust to carry out my wishes?
These are just some of the questions you should be asking yourself when considering a will or trust and when choosing a beneficiary.

Choosing the Right Person

The process in considering a beneficiary is about the amount of money at stake as well as the beneficiary’s ability to handle the responsibility. Your beneficiary should be someone you trust which usually means a spouse, relative, or friend. A secondary and tertiary beneficiary can also be named along with the primary beneficiary depending upon the amount of money and personal circumstances. Some tips in choosing the right beneficiary include:
Decide who you would want to help and who would benefit responsibly from it.
Be aware of your options for the individuals you would choose and know that the beneficiary does not necessarily have to be a person.
Understand the individual’s circumstances since making them your beneficiary could impact their life either negatively or positively.
Review and update your policy on a regular basis as life circumstances can change.
Ensure your beneficiary is a responsible individual who will handle the care of your assets as appropriately as you wished.
There are many tips to identifying who would be the best to assign as your beneficiary over your assets.

Phelps LaClair knows the importance of choosing the right beneficiary for you and your loved ones after your death. Contact us today and let us help you create a smooth transition.


Images used under creative commons license – commercial use (8/8/2017) Department of Foreign Affairs and Trade (Flickr)

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