What to Do When a Primary Beneficiary Passes Away
A detailed and thorough estate plan is essential in protecting your loved ones and ensuring their peace of mind after your passing. Estate plans, among other advantages, can provide your loved ones with financial assets, which can help them navigate life after you are no longer around. When you create an estate plan, the assumption is that the people you appoint as beneficiaries will outlive you. Unfortunately, tragic unforeseen events can happen, and your beneficiaries may not survive you. When it comes to considering what will happen in this situation, one of the most common questions that people ask is who will inherit the asset if the beneficiary is no longer alive. The Role of Beneficiary The term ‘beneficiary’ refers to anyone whom the creator of an estate plan has appointed in their estate plan who will receive an inheritance from the creator following the creator’s death. Beneficiaries play a critical role in estate plans and many types of estate plans are not considered valid unless a beneficiary is appointed. While some people think beneficiaries are only people, they can also include organizations and other entities. Not all beneficiaries are the same. Primary beneficiaries refer to individuals who have the [...]