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What are some mistakes you can make while choosing beneficiaries?

On Behalf of | Sep 21, 2022 | Estate Planning

As you continue the process of writing your will and determining what heirlooms you want to give away, you may start to wonder who you should choose to be your estate’s beneficiaries.

While you may assume that this process is simple, you should make sure to pay special attention to some parts of it so that all your assets will go to the right people.

Forgetting the options

According to Kiplinger, you may not even be fully aware of who or what you could name as your official beneficiary before you die. While many people choose their children or grandchildren, you can also pick an organization to donate to. You can also name multiple beneficiaries, meaning you do not have to limit your assets to just one person.

Writing an inaccurate name

After you choose your beneficiaries, you should always make sure to check your spelling. If a person has a very similar name or a family name passed on from someone else, getting even a few letters wrong while filling out a form can make a major difference. Being as specific and accurate as you can, while also accounting for names changed after marriage or other life events, can help you.

Failing to choose a person

You may assume that your belongings and money will get passed on to your family without any legal steps after your death. However, if you do not write out a will or specify who you want to inherit your personal items, you may not get this guarantee and it could cause more stress for your family or loved ones later on.

Being precise and thinking about all the options you have while writing a will can help you choose beneficiaries.