The word “beneficiary” covers a lot of different types of inheritances. It is important to know what the different types of beneficiaries are.
People often think of a beneficiary as someone who inherited a lot of money. However, as the term covers receiving assets from a wide variety of legal instruments, many people get confused.
A person can be a beneficiary of several different things, including a will, a trust or an insurance policy. Each legal instrument has its own rules that must be followed.
Recently, the Chicago Tribune published a list of things to consider about the different types of beneficiaries in an article titled “5 key considerations when naming beneficiaries.”
The list includes:
If you have any questions, be sure to contact an experienced estate planning attorney who can guide you through the maze of requirements.
Reference: Chicago Tribune (April 5, 2015) “5 key considerations when naming beneficiaries.”
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