How to Choose a Life Insurance Beneficiary

David CananiPresident of Kanani Advisory Group, shares important considerations to keep in mind when naming a beneficiary on a life insurance policy.

IRVINE, Calif., May 20, 2022 /PRNewswire/ — According to David Canani, choosing a beneficiary can be very simple, but very important in any account that requires it. “If one is married, barring very unusual circumstances, your spouse should be the beneficiary, especially if you live in a community property state,” says Kanani.

This may be more difficult and requires more thought if you are unmarried or when choosing a contingent/secondary beneficiary. For example, if you have minor children, it is recommended to have your trust as the beneficiary. If you have a disabled family member, you should consider a special needs trust. If you don’t have a trust, as a last resort, you can name an adult family member, that is, parents, siblings, or other trusted people. If you name an adult family member, keep in mind that once the proceeds are paid out, those funds legally belong to that person. Therefore, you must have extreme confidence that the family member you appoint understands that the funds are to be used for the intended minor child(ren).

Finally, when making your decision, pretend that this account will be paid tomorrow. Changing beneficiaries can be a simple task. Don’t worry about years to come. Plan as if something could happen tomorrow!

It is always recommended to consult an attorney who specializes in estate planning.

To learn more about Kanani Advisory Group and its holistic approach to financial planning, please visit www.kananiaadvisorygroup.com

About the Kanani Advisory Group
Based in Irvine, California, Kanani Advisory Group is a concierge-based financial services company that provides comprehensive and personalized financial strategies to clients and businesses. Services include tax planning, retirement planning, estate and legal planning, risk management and insurance solutions, mortgage and real estate solutions, corporate executive planning and business consulting. Specializing in providing a highly individualized and holistic financial planning experience, Kanani Advisory Group works exclusively with reputable and stable financial firms to provide clients with products and portfolios they can rely on.

Investment advisory services are offered by Kanani Advisory Group, a registered investment adviser. David Kanani CA License #0B34918, Neda Kanani CA License #0L51510.

Contact:
Naveed Kanani
[email protected]
(877) 829-9227

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SOURCE Kanani Advisory Group

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