{"id":617,"date":"2021-05-04T09:03:36","date_gmt":"2021-05-04T09:03:36","guid":{"rendered":"https:\/\/epicdevsite.info\/2022-evanscase\/?p=617"},"modified":"2021-05-04T09:03:36","modified_gmt":"2021-05-04T09:03:36","slug":"beneficiaries-in-estate-planning-faqs","status":"publish","type":"post","link":"https:\/\/epicdevsite.info\/2024-EvansCase\/beneficiaries-in-estate-planning-faqs\/","title":{"rendered":"Beneficiaries in Estate Planning: FAQs"},"content":{"rendered":"<div id=\"_rich_text-3-617\" class=\"oxy-rich-text\">\n<p id=\"viewer-se79\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-858 alignleft\" style=\"padding: 20px;\" src=\"https:\/\/www.evanscase.com\/wp-content\/uploads\/2022\/09\/9513ac_5861ccf7f21b4cccab9ad4575c7a89fa_mv2-300x197.jpg\" alt=\"\" width=\"300\" height=\"197\" \/>Beneficiaries are the heirs to an estate. They can be people and\/or organizations that you designate to inherit certain assets after your death. While choosing your beneficiaries is an important part of the estate planning process, it\u2019s also essential that you:<\/span><\/p>\n<ul>\n<li class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\">Name one or more beneficiaries for each of your assets<\/li>\n<\/ul>\n<ul class=\"public-DraftStyleDefault-ul\">\n<li class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size public-DraftStyleDefault-reset _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\">Routinely review and update your beneficiary designations, as your life circumstances and your wishes change<\/p>\n<\/li>\n<\/ul>\n<p id=\"viewer-fcpaf\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">The FAQs below shed some more light on the importance of beneficiary designations and how they work in Colorado estate planning.<\/span><\/p>\n<h2 class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Facts &amp; Answers About Beneficiaries in Colorado Estate Planning<\/span><\/h2>\n<p class=\"eSWI6 _1j-51 blog-post-title-font yQX6br L4BKN_ _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">We invite you to explore these beneficiary FAQs for more information. Don\u2019t hesitate to contact Evans Case, LLP for a free consultation whenever you\u2019re ready for more answers.<\/span><\/p>\n<h3 class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Why Should I Designate Beneficiaries in My Estate Plan?<\/span><\/h3>\n<p class=\"eSWI6 _1j-51 blog-post-title-font yQX6br L4BKN_ _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Naming beneficiaries can offer several benefits, including (but not limited to):<\/span><\/p>\n<\/div>\n<div id=\"_rich_text-4-617\" class=\"oxy-rich-text\">\n<ul>\n<li><strong>Ensuring your wishes are carried out, regarding who gets what, after you pass away<\/strong>: If you don\u2019t name beneficiaries for your assets, the courts will look to Colorado intestacy laws for guidance here. That can mean your valuables, including precious items like family heirlooms, could end up going to someone whom you would not have wanted to receive them.<\/li>\n<\/ul>\n<\/div>\n<div id=\"div_block-5-617\" class=\"ct-div-block\">\n<div id=\"div_block-6-617\" class=\"ct-div-block\"><\/div>\n<div id=\"div_block-7-617\" class=\"ct-div-block\">\n<div id=\"_rich_text-9-617\" class=\"oxy-rich-text\">\n<ul class=\"public-DraftStyleDefault-ul\">\n<li id=\"viewer-e7lg2\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><strong>Potentially helping your chosen heirs avoid or expedite the probate process<\/strong>:<br \/>\n<span class=\"_2PHJq public-DraftStyleDefault-ltr\">For some assets, having a beneficiary\u00a0<\/span><span class=\"_2PHJq public-DraftStyleDefault-ltr\">designation can result in an immediate transfer of those assets to the beneficiary. This can occur, for example, with funds in bank accounts that have a \u201cpay upon death\u201d or POD beneficiary named. By using these designations, you can make sure your loved ones don\u2019t have to wait for probate to get the financial support they may need after you pass.<\/span><\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"div_block-18-617\" class=\"ct-div-block\">\n<div id=\"div_block-21-617\" class=\"ct-div-block\">\n<div id=\"_rich_text-22-617\" class=\"oxy-rich-text\">\n<ul>\n<li class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><strong>Preserving more of your assets for your chosen beneficiaries<\/strong>: With a well-devised estate plan that clearly designates beneficiaries, probate can be shorter or, in some cases, avoided altogether. That can lower the costs of probate and\/or potentially reduce the estate tax obligations, leaving more of the estate's holdings for the heirs (instead of seeing them go towards the estate\u2019s expenses).<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"_rich_text-10-617\" class=\"oxy-rich-text\">\n<h3 class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Who Should I Name as a Beneficiary?<\/span><\/h3>\n<p class=\"eSWI6 _1j-51 blog-post-title-font yQX6br L4BKN_ _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Choosing beneficiaries can require careful consideration of several factors, from the nature and scope of your assets to the laws, your wishes, and more. As you consider who to designated as your beneficiaries, think about:<\/span><\/p>\n<ul class=\"public-DraftStyleDefault-ul\">\n<li id=\"viewer-4vapc\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size public-DraftStyleDefault-reset _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><strong>The age and health of the people you name as your heirs<\/strong>: Do you want minors to be among your beneficiaries? What about legal adults who may have special needs, issues managing money, or addiction problems? Depending on who your beneficiaries are, you may want to set up devices, like trusts, to help manage the funds with the best interests of your beneficiaries in mind.<\/p>\n<\/li>\n<li id=\"viewer-1het0\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><strong>Whether you want to give to any organizations<\/strong>: Are there certain charitable causes you\u2019d like to support? If so, what type(s) of assets do you want to designate for those beneficiaries? Again, there may need to be some special plans put in place in order to facilitate this transfer without causing more issues or challenges for the beneficiaries of your estate.<\/p>\n<\/li>\n<li id=\"viewer-an5gp\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\"><strong>Potential contingencies<\/strong>: What if one of your beneficiaries passes away before you do? What if someone who isn\u2019t named as a beneficiary tries to challenge your will? Planning for these and other contingencies can help you make sure that you have all of your bases covered\u2014and that your wishes are properly carried out in the future.<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<h3 style=\"margin-bottom: 20px;\">How Often Should I Check &amp; Update My Beneficiary Designations?<\/h3>\n<div id=\"div_block-11-617\" class=\"ct-div-block\">\n<div id=\"div_block-12-617\" class=\"ct-div-block\">\n<div id=\"_rich_text-14-617\" class=\"oxy-rich-text\">\n<p id=\"viewer-d14cj\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-861 alignleft\" style=\"padding: 20px;\" src=\"https:\/\/www.evanscase.com\/wp-content\/uploads\/2022\/09\/9513ac_ba9f255ab1324fb29f2f77dadd554d13_mv2-300x200.jpg\" alt=\"\" width=\"300\" height=\"200\" \/>Review your beneficiaries and your estate plan once a year or whenever you experience significant changes in your life, relationships, and\/or assets. Generally, it\u2019s wise to check and update your beneficiaries when you experience things like (but not limited to):<\/span><\/p>\n<ul>\n<li class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\">Divorce, marriage, or remarriage<\/li>\n<\/ul>\n<ul class=\"public-DraftStyleDefault-ul\">\n<li id=\"viewer-eh5o\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\">The death of a loved one<\/p>\n<\/li>\n<li id=\"viewer-90o8o\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\">The birth of a new family member<\/p>\n<\/li>\n<li id=\"viewer-amepe\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\">The launch of a new business<\/p>\n<\/li>\n<li id=\"viewer-6hkku\" class=\"roLFQS ULPWlI _3Kjjs public-DraftStyleDefault-unorderedListItem public-DraftStyleDefault-depth0 public-DraftStyleDefault-list-ltr fixed-tab-size _1FoOD _3M0Fe Z63qyL roLFQS\">\n<p class=\"_1j-51 _1FoOD _3M0Fe Z63qyL roLFQS\">Any major losses or acquisitions that substantially change your asset holdings<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<div id=\"div_block-13-617\" class=\"ct-div-block\"><\/div>\n<\/div>\n<div id=\"_rich_text-16-617\" class=\"oxy-rich-text\">\n<div class=\"nLG8d5\" data-hook=\"post-description\">\n<article class=\"blog-post-page-font\">\n<div class=\"post-content__body\">\n<div class=\"NjQ71C\">\n<div class=\"NjQ71C\">\n<div class=\"ZylKKv md1nXG SwMATA\" data-rce-version=\"8.72.53\">\n<div class=\"kvdbP HWlYoF wrLZsV _1O7aH\" dir=\"ltr\" data-id=\"rich-content-viewer\">\n<div class=\"_1hN1O uyQefQ _3EPBy\">\n<h3 id=\"viewer-22dqm\" class=\"eSWI6 _1j-51 blog-post-title-font yQX6br L4BKN_ _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">How Can I Get Help with Estate Planning in Colorado?<\/span><\/h3>\n<p id=\"viewer-4bh7q\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">Contact a\u00a0<a class=\"_3Bkfb _1lsz7\" target=\"_blank\" rel=\"noopener noreferrer\" data-hook=\"linkViewer\">Denver estate planning lawyer<\/a>\u00a0at Evans Case, LLP. With more than a century of combined experience, our team is highly skilled at guiding clients through every phase of estate planning, from choosing and updating beneficiaries to setting up trusts, updating wills, and much more.<\/span><\/p>\n<p id=\"viewer-6jpuj\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\"><strong>Call (303) 757-8300 or contact us online for a free 30-minute consultation and important answers about Colorado estate planning.<\/strong><\/span><\/p>\n<p id=\"viewer-elmeh\" class=\"mm8Nw _1j-51 roLFQS _1FoOD _3M0Fe Z63qyL roLFQS public-DraftStyleDefault-block-depth0 fixed-tab-size public-DraftStyleDefault-text-ltr\"><span class=\"_2PHJq public-DraftStyleDefault-ltr\">As a full-service Denver estate planning and probate law firm, Evans Case is home to trusted attorneys who have deep knowledge of the law and the most effective strategies for helping our clients achieve their objectives. Let us tell you more about how we can help you with estate planning in a no-cost, no-obligation consultation.<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Discover why &#038; how to choose beneficiaries as part of the Colorado estate planning process, when to update your beneficiary designations...<\/p>\n","protected":false},"author":1,"featured_media":623,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,15],"tags":[],"class_list":["post-617","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-beneficiaries","category-estate-planning"],"_links":{"self":[{"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/posts\/617","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/comments?post=617"}],"version-history":[{"count":0,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/posts\/617\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/media\/623"}],"wp:attachment":[{"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/media?parent=617"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/categories?post=617"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/epicdevsite.info\/2024-EvansCase\/wp-json\/wp\/v2\/tags?post=617"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}