Anyone who owns a home and is raising a family should consider how local estate planning attorneys could help them protect assets, including creating a will. People establish plans at different times throughout their lives, with this action being more commonly attributed to some life events than others. According to Planned Giving, the birth of a child spurs the creation of about 34% of new estate plans. The estate plan helps maintain the family’s standard of living and ensures a financial legacy for those you leave behind. Here is a brief overview of who can be a named beneficiary.

People Approved by State Law

You’ll need to name those who are most important to you if you want to ensure they are among those who receive your real property and financial assets upon your death. Most people name spouses, children, or other close family members. Friends or other companions may also be included as beneficiaries. Experienced local estate planning attorneys can help you know who the state law says can be a beneficiary when drafting a will.

Estates

You can make your estate or another one a beneficiary, especially if you create a trust or another legal entity that holds your estate assets. You can name the estate as a beneficiary, so your financial assets and other personal assets go to the estate. Someone needs to be in charge of the estate; this is often a spouse, a family member, or an estate attorney.

Legally Established Trusts

Trusts are great for protecting assets and creating a financial legacy for children, spouses, and others. Local estate planning attorneys can ensure any trusts you might have created are included as beneficiaries in your will. You also might consider creating one or more trusts if you don’t already have any. A trust is a great way to protect real property, financial assets, and business interests against your untimely demise.

A Charitable Organization

You can name one or more charitable organizations among the beneficiaries of your will. The organization should be legally established and in good standing with the state to ensure it’s a legitimate charity. The charity might be a small local operation, a regional enterprise, or one that is national or international in scope.

If you have any other questions about beneficiaries, don't hesitate to reach out. You can call our team at Hildebrand Law Firm LLC to schedule a consultation with an experienced estate planning attorney. We offer same-day consultations by availability.