Sorting out all the details of legacy planning—including wills, trusts, advance directives, beneficiary designations, life insurance, pets, family heirlooms, funeral arrangements—can feel like a daunting task. No one likes to think about the end of their life. In fact, “procrastination” is often the number one estate planning mistake that people make.1
The term beneficiary crops up every now and again. Usually you’ll see it on an insurance form or hear about it in relation to a will, but despite the nonchalance we toss the term around with, beneficiaries are incredibly important. Let’s break down the details on how and why beneficiaries matter.
Who can be a beneficiary?
Are you thinking you’d like to Age in Place? Downsize into a cozy retirement community? What if you need to transition to assisted living or long-term care? There are many options for retirement housing, and it can be hard to decide what’s the best place for you and your spouse as you face the future.
Over the course of your life, you will collect a variety of personal assets. These items range from cash holdings and investment accounts to land, homes, and other physical assets. The best way to avoid familiar strife in the time after you pass away is to plan for the future today.