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A beneficiary is someone who receives a financial asset that was once owned by someone else. Choosing beneficiaries helps ensure that your assets go to the right people once you pass on. It’s a ...
For instance, you can buy a house or set up a savings account without … Continue reading → The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.
Estate planning may involve a will, trusts, beneficiary designations, powers of appointment, property ownership (for example, joint tenancy with rights of survivorship, tenancy in common, tenancy by the entirety), gifts, and powers of attorney (specifically a durable financial power of attorney and a durable medical power of attorney).
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A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
Take time early in 2025 to audit all your beneficiary designations, especially if you've had recent life changes. Review your bank accounts, investment accounts and insurance policies.
For example, if you each max out your 401(k) contributions at $23,500 annually (the 2025 limit), that’s $47,000 invested for your future as a couple — double the impact. Retirement accounts ...
Tips to get it done: Because the “right” beneficiary designation can change over time, check them annually as a component of your annual portfolio review. And if you’ve gone to the trouble of creating an estate plan with the help of an attorney, get their guidance on how best to designate beneficiaries. (Most attorneys will give you very ...