A beneficiary can be anyone you choose: family members, friends, or organizations you support. Named beneficiaries are the people or organizations that will receive benefits from assets you have left to them. Simply put, your assets are everything you own and have accumulated through your life, from property and finances, to personal items (like family heirlooms).
Beneficiaries could include:
What if an unexpected event were to happen to one of your beneficiaries (either before or after your passing)? Or what if they began living a negative lifestyle and you didn’t want their inheritance wasted? Many situations could arise that could allow them to foolishly waste funds, or many unwanted variables that could drain funds. You can establish the rules, to protect their money from: themselves, creditors, lawsuits, divorce settlements, and many other potential perils. You can make sure your legacy for them is preserved. See the special needs, spendthrift, and legacy tabs for more information.