If you have Group Life Insurance through your employer or Individual Life Insurance, it is important to name a beneficiary. Otherwise, the proceeds will enter the probate system which can be time consuming, and involve probate fees or administration taxes. The proceeds will also be available to your creditors.
You can name anyone of your choosing as your beneficiary. Many people name their spouse, a family member or a close friend. If you would like to name more than one person, you can choose how the proceeds will be split between them. If the beneficiary is under the age of 18, it is recommended you choose a trustee for them as the insurance proceeds cannot be paid to a minor.
Choosing a contingent beneficiary is also recommended as they will be the backup beneficiary in case the primary beneficiary predeacess you.
Feel free to contact us if you have any questions. We are always happy to assist.