The purpose of estate planning is to make sure that your assets are passed on to your loved ones. However, you might wonder what will happen if a beneficiary passes away before you. This is something that you should bring up with an estate planning attorney.
A beneficiary is an individual who receives a portion of your estate. The purpose of an estate is so that you will be able to distribute your assets to your beneficiaries when you pass away. If a beneficiary passes away, you will want to amend your estate and make any necessary changes. However, it's also possible to have plans in place if you are not able to make changes to your will.
The Distribution of Your Assets
In some cases, you might have more than one family member who is included in your will. When this is the case, your assets might be distributed among more than one family member. If a beneficiary passes away, you will still be able to distribute your asses equally among your other beneficiaries.
When You Have No Other Beneficiaries
However, in other cases, you will want to have your assets distributed in a different manner. For example, you will be able to distribute your assets to a charity or organization. It's important to have a plan in place because the state will otherwise determine how your assets will be distributed. Your family members may be able to litigate this in court, but it will be much more expensive than if you have an estate plan.
Common Disaster Plans
A "common disaster plan" is a plan detailing what will happen if there is a tragedy that leads to several members of your family becoming deceased. For example, each member of your family might pass away in a house fire. However, as long as you have a plan in place, with the help of an estate planning attorney, you will have more control over how your assets will be distributed.
Updating Your Will
It's important to have your will updated regularly to make sure that it accounts for any new changes that have occurred with your family. For example, if there was a marriage, divorce, or if you become estranged from a family member, you'll want to meet with an estate planning attorney so you can make sure that you have made all of the necessary changes.