If You Have Assets How Do You Designate Beneficiaries?
If You Have Assets How Do You Designate Beneficiaries
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This legal document known as a Will and Last Testament is so important in today's society because otherwise your loved ones and beneficiaries would have to go to court in order to battle the issue out. Essentially what happens is that they have to go to probate court where these cases are often times heard and adjudicated by a probate judge. This judge is specifically designated to determine the intent of the testator (or the individual that passed away) to see exactly who did he intend to pass on his assets to. This intention would be so easily designated and determined if the individual simply utilizes a Will in order to firstly designate who is to receive your assets and in particular which of your assets that person is to receive. A lot of times you have more than one beneficiary and thus you would need to specify this in your Will. There are also plenty of times when actually you give joint ownership of an asset to two individuals. Unless you clearly outline this in your Will then you could be inviting a lot of litigation and controversy upon your death.