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Naming beneficiaries and tough decisions

On Behalf of | Jan 22, 2018 | Estate Planning And Probate

Estate planning can lead to all sorts of difficult decisions that must be made, from deciding which type of plan is best for you to going over tax-related matters. However, it can be particularly challenging to name beneficiaries and decide how your property will be distributed. We know that many people in New York City have struggled with this issue and that the choices made by decedents can have a major impact on an entire family, from relationships between siblings to the way in which a family business is run. Codispoti & Associates knows how hard it can be to determine the best course of action, which is why you should be mindful of your options and plan ahead carefully.

Sometimes, life changes such as a divorce can necessitate changing an estate plan or removing beneficiaries. Even when such changes never occur, people may still feel as if it is impossible to decide how their assets will be split up after they pass away. You should take any relevant issues into consideration when naming beneficiaries, from the financial circumstances of your loved ones to their ability to handle assets responsibly. Sometimes, communication can help families work through these matters, but there are also times when it is impossible for someone setting up an estate plan to please everyone.

Figuring out how to have your assets divvied out can be very relieving and provide peace of mind. Head on over to our estate planning page if you wish to read through more related to naming beneficiaries.