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More Things to Consider For Beneficiaries

Welcome back. We are here to talk more about beneficiaries and why they're important. If you have questions, contact our estate lawyer in Cary NC.

Estate Lawyer in Cary NC Talks Beneficiaries

  • It is important to name a beneficiary for each account listed within the estate plan or will. If no one is named, the account or policy may be subject to probate, which is a timely and costly process that could result in paying fees and taxes that could reduce the amount distributed. Most policies have an option for a secondary or “backup” beneficiary. You should name a second party in case something happens to both you and your primary beneficiary.
  • Probate is not needed for certain assets that have specific beneficiaries. When completing Beneficiary Designation forms, it’s important to name a person as the beneficiary. Contact an attorney prior to naming your estate the beneficiary of certain investments. Doing so may lead to probate and tax issues. Creating appropriate beneficiary designations and ensuring they are up-to-date can help decrease taxes and other costs for loved ones.
  • The people named on your policies and accounts should also match what is outlined in your will. They operate independently of each other, but it is best to make sure everything is consistent to avoid confusion later on.
  • When filling out your policies, make sure that you read the instructions to ensure that you are filling out the forms correctly. If you have questions, a lawyer with experience in estate planning can help answer them. Eldreth Law Firm's estate lawyer in Cary NC has years of experience in estate law and can help you with planning needs.

Common life events happen. These events might lead to reasons to contact your North Carolina estate planning attorney and update your beneficiaries. The list below suggests a few of those reasons:

  • Death of a relative
  • Divorce
  • Job change
  • Marriage
  • New baby

Naming a second beneficiary might benefit you, as well. If you need to name or update your beneficiaries for life insurance policies or IRAs, feel free to contact Eldreth Law Firm, PLLC. Our estate lawyer in Cary NC will do what we can to help you get your beneficiaries and estate plan in place.

Eldreth Law Firm, PLLC

Remember, if you don’t have an estate plan in place or haven’t reviewed yours in several years, now might be the best time to start. Our estate lawyer in Cary NC is here to help you get your estate planning in order and ready should you pass in an untimely manner or become incapacitated at some point. It’s better to be safe than sorry when it comes to an estate plan. Contact our office today to get started estate planning.
As always, feel free to contact us at our office to schedule a consultation with if you are looking for a lawyer to represent you in other legal matters. We are here to assist you with small business needs, trademarking, copyrighting and  DWI issues.

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