The Richardson estate planning attorneys with Christman Ramsey & Foster, PC can make sure your last wishes are protected against as many unforeseen issues as possible. Our estate planning attorneys in Richardson TX will work to ensure no part of the chain of command fails, resulting in the possibility of certain matters being left up to the courts. Part of this is making sure you have contingent beneficiaries.
What is a Contingent Beneficiary?
Richardson estate planning attorneys will almost always recommend that clients have contingency, or backup, beneficiaries. If you don’t have them, that could possibly create problems. For example, the primary beneficiary might die before you, or might not be reachable. There are even some instances where they will refuse an inheritance. Helping you determine your backup beneficiaries is just one of the reasons you should work with estate planning attorneys.
What are some of the potential risks of not naming contingency beneficiaries? The biggest is that your estate could wind up in probate. This will not only increase the costs of settling your estate, it could also delay the distribution of your assets. Even worse, that could result in a great deal of infighting among your surviving family members. Our estate planning attorneys in Richardson TX can help your loved ones avoid these issues.
But what if you don’t have very many living relatives, or they’re about the same age as you, or older? There’s a chance they could pass away before you. If you are concerned this could be a possibility, you might want to consider adding a remote contingency beneficiary clause to your estate plan. This will allow you to name your favorite charity or another person as the beneficiary should the worst-case scenario happen.
Let Us Help You
At Christman Ramsey & Foster, PC, we have a team of Richardson estate planning attorneys who can help you prepare for the unexpected. We’ll take all of the stress and complexity out of the process, and help you enjoy complete peace of mind. Learn more by contacting us online or calling 972.445.9907.