Ensuring the well-being of your family and friends is likely one of the top priorities when preparing for what lies ahead. One way to ensure that happens is by establishing a will and naming a beneficiary. But once a beneficiary is named, do you have the opportunity to make changes in the future? The answer is yes.
What is a Beneficiary?
A beneficiary is an individual who has the potential to receive assets or insurance policies from your estate once you have passed away. These are the people who you care about deeply — your family, your friends, or a beloved charity you want to support even after you are gone.
Considering what will happen to your assets after you have passed away can be a tough reality. Still, it is essential to plan accordingly to guarantee that the people closest to you receive the benefits you desire.
When Should You Change Your Beneficiary?
Making decisions about your beneficiaries isn't easy, but it's a necessary part of estate planning. While it's easy to put a contingency plan in place and feel at ease, life is unpredictable, and changes can happen in the blink of an eye. If you've recently married or divorced, it's crucial to consider updating your beneficiary. The same applies if you've recently remarried, as it may impact who receives your assets.
Additionally, the arrival of a baby is a joyous event, but it can also signal a time to review and adjust your plan. Remember that when you change your beneficiary, you're protecting the ones you love most, so take the time to ensure that your plan aligns with your current wishes.
How Do I Change My Beneficiary?
Changing your beneficiary can be a difficult decision, but once you've made it, it's critical to know how to make the change. To ensure your wishes are followed, you must obtain the necessary paperwork and fill it out correctly. This can require professional guidance, so seeking advice from an estate planning attorney is critical.
Protect Your Assets for Today and Tomorrow
Making important decisions around your will and beneficiaries is a significant part of estate planning. Putting forth the effort to do this now can help you be prepared and ensure your wishes are carried out in the future.
The team at Adler Law is here to help you through the process of estate planning, offering support and advice along the way. If you have questions about changing your beneficiary or would like assistance with estate planning services, contact our estate planning attorneys to get started today! (516) 740-1184