Having worked hard for their wealth, most Florida residents do not want their assets to go to just anyone after their passing. In fact, even if they have specific people they want to bequeath assets to, they may also want to maintain a modicum of control over how those assets are used. Fortunately, trusts and naming beneficiaries can help on those fronts.
Choosing beneficiaries is immensely useful when estate planning, especially for those with considerable assets. This step allows individuals to clearly indicate who they want to receive what. As a result, parties may feel more confident that their assets will not land in the hands of an undesirable person and that their wishes will be carried out. It would also lessen the likelihood of parties fighting over assets during probate.
Additionally, naming beneficiaries can lessen the amount of time the process of distributing assets takes. Often, individuals with considerable assets choose to utilize trusts to leave assets to loved ones, and because trust assets do not have to go through probate, beneficiaries can receive their bequests more quickly. Plus, grantors can include details in their trusts that indicate when and how assets could be used.
Naming beneficiaries can have many uses, but it is important that Florida residents remember to review and update their designations periodically. If a person has passed away or is otherwise unable or unwilling to be a beneficiary, complications could arise during probate. Fortunately, thorough estate planning and periodic updates can ensure that the individuals named to receive assets are, and remain, appropriate choices.