To understand why it is so important to name beneficiaries, a good place to start is with the definition of a beneficiary. A beneficiary is someone that will receive all or some, depending on what you decide, your account proceeds in the event of incapacitation or death. When naming beneficiaries, you have the power to designate primary, secondary, and contingent beneficiaries. This will help in case the primary beneficiary is no longer available.

So, with that definition in mind, the first advantage to naming beneficiaries is that it saves your loved ones much confusion, especially in the case of an unexpected incapacitation or passing. In the event something unexpected happens to you, having your beneficiaries named is one less stress your loved ones would need to bear. It would leave clear designations where your insurance proceeds, assets, and money would need to go. Plus, naming a beneficiary is relatively easy, all that is required is the legal name, address, current phone number, social security number and birth date of the person you would like to designate to your estate.

Also, once you have your beneficiaries named, your loved ones would be able to immediate gain access to those valuables you left to them. Without beneficiaries listed, the state or a retirement plan could end up designating your valuables instead of you making that decision. This process takes time and money, both of with could have been saved had beneficiaries been listed prior to incapacitation or death.

The legal probate process is handled expertly at Amy McGarry law office, but by nature this process is delayed if beneficiaries are not named, so save time and money by making the important decision of beneficiaries now. Contact us to schedule an appointment with our team.