When you create a will, you have to choose beneficiaries to inherit your assets upon your death. Without these important designations, the state decides who gets the property, and their decision may be different than what you want. You can name any number of beneficiaries and designate who receives what and how much. Take these considerations seriously, and devote time and thought when making your selections.
Who You Can Choose
Many people select their family members, like spouses, children, and grandchildren. If you plan to leave property to minors, their legal guardian will control these assets until they turn 18. Close friends can also be beneficiaries in a will; these may be new or lifelong acquaintances, trusted colleagues, or cherished neighbors.
You can also leave certain assets to a charity that supports a cause you believe in, whether it’s forest conservation or underprivileged education. Organizations and nonprofits depend on financial gifts to maintain their funding, so you’ll help them continue their good work after you're gone.
How to Select Beneficiaries
Name the beneficiaries clearly, so your decisions aren’t open to interpretation or challenge later. State the full name of every beneficiary and your relationship to them. If multiple people share the same name in the family, differentiate between them by using their middle name and appropriate suffix, like Sr., Jr., and IV.
If you leave assets to a charity, contact the organization directly to notify them of your plans. They may ask you to fill out special paperwork or provide information to ensure the designation is clear.
If you want to create a will or update your beneficiaries, turn to Ng & Niebling in Honolulu, HI. These attorneys focus on estate planning, wills, and trusts, and they’ve helped Oahu residents get their affairs in order for over 40 years. Call (808) 732-7788 to get more information about how they can assist you or schedule a free initial consultation.