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Heirs & Beneficiaries Archives

Updating beneficiaries essential for blended families

Estate planning is important for all types of families, both large and small. However, it is especially critical for people who are in a blended family. Blended families in Texas would be wise to start estate planning now, before their plans have to be implemented, and it starts with updating the designations of beneficiaries.

Beneficiaries an important area of focus during estate planning

Many people in Texas work hard to give their families the best lives possible. However, they often fail to create detailed plans for passing their assets to their heirs following their deaths. A couple of tips may help them engage in proper estate planning, including the identification of beneficiaries.

Identifying beneficiaries is an important part of estate planning

Having an estate plan in place is paramount for a person in Texas to protect his or her assets in the event of his or her death. It can also help to prevent bickering among surviving family members. Identifying beneficiaries is one of the most important steps in creating an estate plan.

Naming beneficiaries in estate plans is important for singles

One huge misconception about creating an estate plan in Texas is that only people who are married really need one. The truth is that an estate plan, in which beneficiaries are named, is equally as important for single people. This is because an estate plan is designed to protect one's assets in the event of one's death, as well as to protect one's wishes in the event of incapacitation.

Beneficiary concerns important part of estate planning to address

One reason people in Texas may shy away from estate planning is because they consider it to be a bit of a morbid task. Another reason is because it can seem complicated and multifaceted, with one important aspect of estate planning involving beneficiary concerns. However, failure to focus on estate planning may mean that one's important assets will not end up in the hands of the people one wants to receive them.

Naming beneficiaries has long-term consequences

Deciding how one should designate beneficiaries for an asset, such as an insurance policy or company retirement plan, in Texas may seem relatively straightforward. Individuals most likely prefer to designate people who are close to them as beneficiaries of any monies they have accumulated over their lifetimes. However, designating beneficiaries involves more than simply writing these people's names on the correct forms.

Designating beneficiaries an important aspect of estate planning

One aspect of estate planning that is often forgotten is beneficiary designations for various assets. These assets include individual retirement accounts, life insurance policies, annuities and employer retirement plans. This spring is a wise time to take a look at the designations of beneficiaries while completing estate planning in Texas.

Not updating beneficiaries may lead to headaches for loved ones

When individuals in Texas think about the process of estate planning, they often focus on what to include in their wills. They also are careful about whom they choose as beneficiaries. However, many people forget how important it is to update their beneficiary information on their wills as well as on financial products, such as life insurance policies and 401(k)s.

Identifying beneficiaries important part of estate planning

People in Texas and other states spend a large amount of time building a home as well as providing for their families. However, estate planning is also important for making sure that one's family members get the assets intended for them when one passes. Choosing beneficiaries is an essential step in the estate planning process.

Heirship determination needed if no beneficiaries named

If a family member in Texas passes away with no will or leaves behind an asset not covered in a will, this can pose a challenge for the surviving family members. Assets that might not have been covered in a will include property that was acquired following the creation of the will, or property that was intended for beneficiaries who have died. In this situation, the family members who are left behind may need to complete a process known as heirship determination.