Tags
Beneficiaries, Common Estate, Designated Beneficiaries, Estate Income Taxes, Estate Plan, Guardian, Heirlooms, Living Trust, Personal Property, probate, Residuary Beneficiary, Residuary Clause, Residuary Estate, Will
Although avoiding probate is preferable in common estates, there is still a need to list beneficiaries in your will. As mentioned in the article Tips to Avoid Probate in your Estate Plan, not all states allow designated beneficiaries for certain types of property; therefore, certain types of property must pass through a will to a listed beneficiary. Furthermore, there is the need to plan for your residuary estate regardless of your estate planning strategy. Nevertheless, whether your will serves as a backup will to a living trust or serves as the centerpiece in your estate plan, there are significant reasons to list beneficiaries in your will.
Presently, apathy towards estate planning is commonly brought on by perceptions people have about estate planning. Recently, during conversations about estate planning, the following perceptions surfaced: 
In your estate plan, properly designating beneficiaries is equally important as choosing your beneficiaries. As inferred in the article 
Another important step in building your estate plan is choosing your beneficiaries. As mentioned in the article 
To properly plan your estate, it’s important to understand how your estate size will influence your estate plan. As explained in the article 
There are many reasons a beneficiary may become belligerent. However, according to the article 
The doctrine of ademption applies to specific bequests no longer owned by the testator at death. In general, when bequeathed property is no longer part of the estate at death, the bequest fails. As a result, the intended beneficiary receives nothing and doesn’t retain any rights to the property.