{"id":4594,"date":"2016-06-02T17:33:43","date_gmt":"2016-06-02T17:33:43","guid":{"rendered":"http:\/\/www.racinelaw.net\/?p=4594"},"modified":"2016-06-02T17:33:43","modified_gmt":"2016-06-02T17:33:43","slug":"the-4-things-you-should-know-about-choosing-beneficiaries","status":"publish","type":"post","link":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/","title":{"rendered":"The 4 Things you Should Know about choosing Beneficiaries"},"content":{"rendered":"

Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to learn that there are opportunities to name Beneficiaries both inside and outside of their Estate Planning. The purpose of this post is to describe in basic terms the 4 things you should know about choosing Beneficiaries.<\/p>\n

1. First, you need to know the basics about Beneficiaries. Beneficiaries named in your Estate Planning usually occurs in your Last Will and Testament or in a Trust that you may have created. These Beneficiaries will receive the specific assets you designate from your estate. However, there are other Beneficiaries that you need to be aware of because you are able to<\/strong> name Beneficiaries for a broad range of assets, including retirement plans, annuities, life insurance policies and bank accounts. All of these assets fall outside of your Estate Planning and are not covered by your Last Will and Testament. Rather, these types of assets are controlled by the contract you signed with the company that holds these assets, accounts and contracts. On these contracts you can name different types of Beneficiaries such as individuals, charities, and\/or trusts. Whether you can name young children under the age of majority — age 18 or 21, depending on the state in which you live \u2013 depends on the law in the state in which you live.<\/p>\n

\"Law<\/p>\n

When you name a Beneficiary, in your Last Will and Testament, typically, a probate will need to occur before the property or assets you designate can be transferred. However, your retirement plans, annuities, life insurance policies and bank accounts can pass directly to your named Beneficiaries and won’t have to go through probate. In addition, even if you\u2019ve put in you Last Will and Testament, that you want your retirement plans, annuities, life insurance policies and bank accounts to go to a specific person, the contract you have with the Company that holds that contract, and the Beneficiaries that you name in that contract, will override bequests you’ve made in your will. Understanding these differences will help you in naming your Beneficiaries in each of these documents.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to learn that there are opportunities to name Beneficiaries both inside and outside of their Estate Planning. The purpose of this post is to describe in basic terms the 4 […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24],"tags":[],"class_list":["post-4594","post","type-post","status-publish","format-standard","hentry","category-estate-planning"],"yoast_head":"\nThe 4 Things you Should Know about choosing Beneficiaries — Idaho Law Blog — June 2, 2016<\/title>\n<meta name=\"description\" content=\"Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to — June 2, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"The 4 Things you Should Know about choosing Beneficiaries — Idaho Law Blog — June 2, 2016\" \/>\n<meta name=\"twitter:description\" content=\"Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to — June 2, 2016\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Racine Olson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"The 4 Things you Should Know about choosing Beneficiaries — Idaho Law Blog — June 2, 2016","description":"Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to — June 2, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/","twitter_card":"summary_large_image","twitter_title":"The 4 Things you Should Know about choosing Beneficiaries — Idaho Law Blog — June 2, 2016","twitter_description":"Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to — June 2, 2016","twitter_image":"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills.jpg","twitter_misc":{"Written by":"Racine Olson","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#article","isPartOf":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/"},"author":{"name":"Racine Olson","@id":"https:\/\/www.racinelaw.net\/blog\/#\/schema\/person\/aa8aa04699b3ee65fb6e3d91aaa6b2bd"},"headline":"The 4 Things you Should Know about choosing Beneficiaries","datePublished":"2016-06-02T17:33:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/"},"wordCount":862,"image":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#primaryimage"},"thumbnailUrl":"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills-300x199.jpg","articleSection":["Estate Planning"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/","url":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/","name":"The 4 Things you Should Know about choosing Beneficiaries — Idaho Law Blog — June 2, 2016","isPartOf":{"@id":"https:\/\/www.racinelaw.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#primaryimage"},"image":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#primaryimage"},"thumbnailUrl":"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills-300x199.jpg","datePublished":"2016-06-02T17:33:43+00:00","author":{"@id":"https:\/\/www.racinelaw.net\/blog\/#\/schema\/person\/aa8aa04699b3ee65fb6e3d91aaa6b2bd"},"description":"Deciding on and naming your Beneficiaries is an important part of your financial and Estate Planning. When I sit down with clients, many are surprised to — June 2, 2016","breadcrumb":{"@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#primaryimage","url":"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills.jpg","contentUrl":"https:\/\/www.racinelaw.net\/blog\/wp-content\/uploads\/2016\/06\/Law-of-Wills.jpg","width":634,"height":420},{"@type":"BreadcrumbList","@id":"https:\/\/www.racinelaw.net\/blog\/the-4-things-you-should-know-about-choosing-beneficiaries\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.racinelaw.net\/blog\/"},{"@type":"ListItem","position":2,"name":"The 4 Things you Should Know about choosing Beneficiaries"}]},{"@type":"WebSite","@id":"https:\/\/www.racinelaw.net\/blog\/#website","url":"https:\/\/www.racinelaw.net\/blog\/","name":"Idaho Law Blog","description":"Published by Boise Attorneys \u2014 Racine Olson","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.racinelaw.net\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.racinelaw.net\/blog\/#\/schema\/person\/aa8aa04699b3ee65fb6e3d91aaa6b2bd","name":"Racine Olson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/195091aa7c1a8d686cee20a0c78fd345b826886ec2fc90ae360e059a7b83e248?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/195091aa7c1a8d686cee20a0c78fd345b826886ec2fc90ae360e059a7b83e248?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/195091aa7c1a8d686cee20a0c78fd345b826886ec2fc90ae360e059a7b83e248?s=96&d=mm&r=g","caption":"Racine Olson"},"sameAs":["https:\/\/www.racinelaw.net\/attorney-profiles.html"]}]}},"yoast":{"focuskw":"","title":"","metadesc":"","linkdex":"","metakeywords":"","meta-robots-noindex":"","meta-robots-nofollow":"","meta-robots-adv":"","canonical":"","redirect":"","opengraph-title":"","opengraph-description":"","opengraph-image":"","twitter-title":"","twitter-description":"","twitter-image":""},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/posts\/4594","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/comments?post=4594"}],"version-history":[{"count":0,"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/posts\/4594\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/media?parent=4594"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/categories?post=4594"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.racinelaw.net\/blog\/wp-json\/wp\/v2\/tags?post=4594"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}