Whenever you open a financial account, you’re almost always asked to name a beneficiary. Simply stated, a beneficiary of the account is someone who is entitled to the benefits of the account, typically, on the death of the account holder. If you’ve purchased life insurance, for example, you name a beneficiary, who receives the benefits of the policy when you pass.
The saying goes that anyone who does not learn from mistakes in the past, is doomed to repeat them. In estate planning, if you do not learn from other’s mistakes, you are likely to repeat them.
What Is an Eligible Designated Beneficiary?