When a beneficiary of a trust or a will dies the person who established the trust or had the will drafted should go back and amend their estate plan. Sometimes as estate planners we get asked, “If a beneficiary dies, does our estate plan no longer have effect?”
The life insurance payout process
You are allowed to name more than one primary beneficiary, so consider your children and people outside your immediate family and depend on you. These could be your parents, uncles, nieces, etc. Check for any restrictions on your preferred beneficiaries. It is crucial to check for restrictions on the person you want to name as your beneficiary.
