Beneficiary Designation

A beneficiary designation is a legal term referring to the process of naming a person or entity to receive assets or benefits after your death. This designation is commonly used in financial accounts, insurance policies, and retirement plans. By specifying a beneficiary, you ensure that your chosen individual or organization receives the proceeds directly, bypassing the lengthy probate process. It's important to regularly update your beneficiary designations to reflect changes in your life circumstances, such as marriage, divorce, or the birth of children, to ensure your assets go to the intended recipients.