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Jul
08
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I have been wondering many times how one determines who their beneficiary should be. My response is, “you can name anyone you want – your spouse, children, partner, the church, a charity”. If you name more than one person, each person would be a “co-beneficiary”. The process of determining a beneficiary is known as “designating the beneficiary” on insurance forms.
Your first concern should be the reason for having life insurance. Your reasons may consist of creating financial liquidity, protecting assets from estate taxes or simply providing for your survivors’ needs.
Whatever your reason may be, if you have any questions, it is wise to contact an experienced Estate Planning Attorney who is familiar with all the California laws and is best suited to help you make this most-important decision.