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Beneficiaries Quickly Explained

In this short video, we’ll explain what a beneficiary is and why it’s so important to have one.
A beneficiary is the person or entity that you designate to receive the benefits from financial accounts or legal instruments,
including wills, trusts, life insurance policies, and retirement accounts.
Simply put, a beneficiary is who you want to inherit your assets or benefits when you’re no longer here.
Naming a beneficiary is important for three key reasons.
First, it ensures that your assets go where you want them to.
If you die without naming a beneficiary, then state law will determine how your assets are distributed, which may not match your intentions.
Second, designating a beneficiary streamlines probate,
the often lengthy and costly legal process of settling an estate, because your assets and benefits will go directly to your beneficiary.
Finally, designating a beneficiary gives you the flexibility to name multiple beneficiaries and specify exactly how you’d like your assets to be divided among them.