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Estate planning and choosing a beneficiary

You can be one of our Texas readers or live in another state, but when it comes to the estate planning process many of the same questions will come to the forefront.

One of the most important details to consider is your beneficiary or beneficiaries. When you think about the world after you have passed on, there are many questions you need to answer. Will your children be taken care of? Will your parents require any special medical attention? Are there any grandchildren to consider?

It may sound simple enough to choose a beneficiary, and for many people this is the case. At the same time, there are situations when this can be a difficult decision.

Generally speaking, a beneficiary is a spouse, child, or other close relative or friend.

Can I have more than one beneficiary? Many people are under the impression that they have to choose one beneficiary and then leave well enough alone. This is not true. You can have multiple beneficiaries, as is often the case with people who have more than one child.

Note: You can also name a secondary beneficiary.

When it comes to estate planning, there is no doubt you will have many questions and concerns. At some point, you need to shift your attention towards choosing a beneficiary. If this is not a clear cut decision, be sure to put plenty of time and thought into the process.

Even if you think you have plenty of time to create an estate plan, there is no point in delaying. Those who require assistance often consult with a local estate planning attorney.

Source: MarketWatch, "How to Choose a Beneficiary" Dec. 18, 2014

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