Part of life means coming to terms with the fact that we are only here temporarily, and what we have built over a lifetime must be distributed to future generations. But in order to do that, we have to establish an estate plan and then choose beneficiaries who will inherit our assets and continue our legacy. As an estate planning attorney explains, if you have ever wondered who you can pick as beneficiaries, here are some examples of who you can choose.
Family
Most people choose their family members as beneficiaries for an estate plan, but this is by no means required, since who you want to have your assets will depend on your life circumstances and your relationships. Choosing a beneficiary is a personal decision that can only be made by the person writing it. You will know in your heart who is the right person to essentially give a portion of your legacy to. Family members that you may choose to have assets after you have passed on can include your spouse, children, immediate family members, extended family members, aunts, uncles, cousins, and any other relatives that you are close to.
Friends
It isn’t uncommon for people to leave some form of asset to their closest friends. After all, friends can even become more like family than our biological relatives can be. As they say, we choose our family, and your family may very well be your friends. By law, friends are not automatically considered as candidates for inheritance, so you will need to write an estate plan and clearly state who you want to receive certain assets after your death. If you pass away without a will, then the court will decide who and how much of your assets are distributed based on state intestacy law, which is not likely to include people who are just your friends, since the law does not extend to these individuals.
Charity Organizations
If there is a charity organization that means something to you, then you may want to include them in your estate plan as a beneficiary. You may want to reach out to this charity organization to let them know about your plans, so that when you pass away, they can anticipate receiving the assets and can help make sure that they are distributed properly. Perhaps you feel connected to a charity that rescues animals, a women’s shelter group, or food drive organization, among many others. For help with choosing your beneficiaries, consider talking with a lawyer who can offer further guidance, similar to the team at Silverman Law Office, PLLC.
Choosing your beneficiaries is perhaps one of the most important tasks that you will face when writing your estate plan. This is because these individuals or organizations are going to receive what you have built over the course of your life. But if you don’t take steps now to devise an estate plan, then you risk your assets being given to those that you would not want to have them.
