Naming beneficiaries to a Florida based insurance policy should be easy. After all, one only has to consider who should receive the balance of the assets left behind, identify them in a will, and the rest should be simple. Unfortunately, there are unforeseen pitfalls that people fall into everyday.
Naming beneficiaries should be easy, right? You just think about who you would want to pass the proceeds of a life insurance policy to, and jot their name on the dotted line.
The notion of what is a family heirloom, or at least passing them down through generations, is beginning to change in Florida and across the country. In decades past, a classic piece of furniture or a one-of-a kind trinket would be guarded like a secret family recipe. However, younger generations (specifically millenials) do not find that these treasures have much value.
Estate planning is not a popular topic for a number of reasons. To most it is simply a morbid topic that they don't want to approach. To others it may not be appropriate because they are not independently wealthy or have little (if anything) to leave behind. Yet others believe that they simply have not reached the age where estate planning is important.