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Reviewing your beneficiary designations

There are all sorts of considerations when it comes to creating an estate plan, whether you plan to set up a trust or create a will. Protecting your assets includes ensuring that they will be distributed among those you love in accordance with your wishes. However, there are many different issues to consider with respect to beneficiary designations. For some people in Cape Coral and across the state of Florida, naming beneficiaries and deciding how to split up their estate can be relatively straightforward, while others may struggle with difficult decisions.

First, it is vital to review your options and decisions with respect to beneficiary designations from an individualized point of view. Every family is in a different position and you should look over your loved one’s needs, your own wishes and certain challenges that may result in the misuse of proceeds (such as a loved one who struggles with a gambling problem or a drug addiction). Furthermore, some family members become hostile over estate decisions, resulting in a bitter dispute. While you may not be able to prevent these disputes, there could be certain steps you could take to avoid a standoff or lessen the severity of a dispute, such as talking about your estate plan with loved ones (this is not always a good idea).

Ultimately, reviewing your beneficiary designations closely is one of the most important aspects of setting up an estate plan. Should you have any questions about the process or your options, be sure to find appropriate answers.

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