Inheritance and Choosing Beneficiaries
Fort Lauderdale estate plans honor values and protect families
Decisions about who will inherit your estate may seem simple and obvious, but when determining your final affairs, leaving everything to a spouse or children may not accomplish your legacy goals. You have many potential beneficiaries – people and causes inheriting your assets – to consider in estate planning. Common beneficiaries include:
- Spouses and Family Members
- Adult Children
- Minor Children, with some specifications
- Dependents
- Friends
- Partners, Girlfriends, Boyfriends
- Charitable Organizations
- Other Chosen Individuals or Entities
For more than 10 years, The Levy Firm PLLC has guided people through the estate planning process to create sound legal documents that ensure their wishes are carried out their way. We know there’s a lot to consider when choosing beneficiaries, and we want to help you realize the best choice for you. Contact us for a free consultation to learn more.
What are the 4 types of beneficiaries in Florida?
A beneficiary is an individual or entity designated to receive assets or benefits from a person's estate after their death. These assets can include financial assets like money, property, investments, insurance policies, or any other possessions. In Florida, there are four main types of beneficiaries.
- Eligible Designated Beneficiaries refer to individuals or entities eligible for favorable tax treatment when inheriting retirement accounts. This category may include a surviving spouse, a minor child of the account owner, a disabled or chronically ill individual, or someone who is not more than ten years younger than the account owner.
- Designated Beneficiaries are individuals or entities specifically named in a person's will, trust, or retirement account to receive assets or benefits upon the person's death. These beneficiaries have been formally designated and identified in the estate planning documents.
- Not Designated Beneficiaries may include individuals or entities who do not have a specific designation in the estate planning documents. It's important to note that not having a designated beneficiary for certain assets can lead to complications in the distribution of the estate.
- Contingent Beneficiaries are individuals or entities identified to receive assets or benefits if the primary or designated beneficiaries are unable or unwilling to inherit. They are next in line to receive the assets if the primary beneficiaries cannot fulfill their role for any reason.
If no beneficiaries are named, Florida’s intestate law will determine how your assets are distributed to your spouse, children, and/or next of kin.
Estate planning help for South Florida
Deciding how to divide your assets between the people and causes that matter to you most can get complicated. It’s important to have a compassionate, experienced estate planning attorney by your side to help you determine what you want to achieve and take the right steps to make it happen.
If you are updating or making an estate plan, contact us to learn more about how we can help. The Levy Firm PLLC offers free consultations. A member of our staff is available to hear from you now. Contact us today.