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Lombard estate planning attorneyChoosing a beneficiary for your will, trust, or life insurance policy might at first seem like a relatively simple task. For some, a specific person automatically comes to mind--someone they know, care for, and trust--and the decision is made. For others, though, the task can feel tedious. Depending on your financial circumstances, designating someone as beneficiary can place a significant amount of responsibility on the inheritor.

A Multi-Faceted Inheritance

Notice the word inheritor. Typically, the beneficiary of a will, trust, or life insurance policy is set to inherit something to their advantage. They receive benefits, profits, or funds from a particular account or policy, designated to them by whatever estate planning tool you choose to utilize. While this can certainly be a positive turn of events for the inheritor in the midst of your passing, it can still mean a lot of responsibility, as receiving funds can also mean receiving a burdensome responsibility.

Sadly, tense arguments and disagreements can arise between families and loved ones when a certain friend or family member inherits money. Decisions must be made by the recipient regarding any property, possessions, or monetary funds inherited, which can be emotionally and mentally taxing for anyone involved. While you cannot predict or control how everyone will interpret and respond to your choice of inheritor, you do have a say in who you would like to assign these responsibilities to, should you document your wishes well in advance.

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