Beneficiaries
Learn about beneficiaries in estate plans and how they impact your legacy planning decisions effectively.
How is the role of a beneficiary defined in estate planning?
In estate planning, a beneficiary is an individual or entity designated to receive distributions from a trust or will. Beneficiaries play a crucial role as they are often the reason behind the creation of an estate plan. Beneficiaries can be family members, friends, charities, or any entity the grantor wishes to support. The designation helps ensure that a person’s assets are allocated according to their wishes, and it forms a fundamental part of maintaining family legacy and financial intentions after one's passing. This specification can also aid in minimizing potential conflicts among heirs by clearly stating who is entitled to what portion of the estate.
