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Comprehensive Overview of Beneficiary Designations
Understanding beneficiary designations is an essential element of estate planning for residents of Delano, California. Beneficiary designations specify who will receive assets such as retirement accounts, life insurance proceeds, and payable-on-death accounts when an account holder passes away. These designations often allow assets to transfer outside of probate, speeding up distribution to named recipients. Regularly reviewing and updating beneficiary designations helps ensure that your property passes according to your current wishes and family circumstances. For Delano families, keeping designations aligned with broader estate plans brings clarity and reduces the likelihood of disputes at a difficult time.
Preparing accurate beneficiary designations can prevent unintended outcomes and help preserve your legacy for loved ones. Life changes such as marriage, divorce, births, or changes in asset ownership commonly require updates to beneficiary forms. Because beneficiary designations generally take precedence over wills for the assets they control, it is important to confirm that beneficiary forms reflect your intentions and coordinate with other estate documents. Residents of Delano should consider periodic reviews and careful documentation so that asset transfers proceed smoothly and reflect current circumstances under California law.
Why Proper Beneficiary Designations Matter in Delano Estate Plans
Thoughtful beneficiary designations offer direct and timely transfer of certain assets to named recipients, providing greater certainty than relying on probate alone. By naming primary and contingent beneficiaries intentionally, account holders can reduce the potential for disputes and minimize delays in asset distribution. For many Delano households, careful beneficiary planning preserves privacy, lowers administrative burdens for heirs, and ensures that retirement accounts and insurance policies pass as intended. Regularly reviewing designations helps adapt to changes in family structure or financial holdings and supports a cohesive plan that aligns beneficiary forms with wills, trusts, and broader estate objectives.
About LA Estate Plans and Our Approach in Delano
LA Estate Plans focuses on clear, client-centered estate planning services for Delano residents, emphasizing careful handling of beneficiary designations within California law. Our practice guides clients through reviewing and updating forms for retirement accounts, insurance policies, and payable-on-death accounts, ensuring that information is complete and coordinated with other estate documents. We work to communicate plainly about options and likely outcomes so that clients can make informed decisions. The goal is to provide practical strategies that protect assets and help loved ones avoid unnecessary delays and uncertainty during estate administration.
Understanding Beneficiary Designations and How They Work
Beneficiary designations are specific instructions submitted to financial institutions or insurers to identify who will receive certain assets upon an account holder’s death. These designations typically apply to IRAs, 401(k) plans, life insurance policies, and payable-on-death bank accounts. Because beneficiary forms usually override instructions in a will for the same assets, keeping these designations current is essential. Life events and changes in asset ownership can affect beneficiaries, so periodic review ensures the chosen recipients remain appropriate and that distributions occur with minimal delay and under the intended terms.
In California, completing beneficiary designation forms correctly helps avoid contested transfers and unintended outcomes. When designations are accurate, assets can move directly to beneficiaries without court supervision, which often reduces administrative time and costs. However, mismatched or outdated beneficiary information can create confusion or cause assets to default to probate. Careful review, coordination with wills and trusts, and clear documentation of intentions are practical steps Delano residents can take to keep beneficiary arrangements effective and aligned with family goals and legal requirements.
What Beneficiary Designations Mean and Why They Matter
Beneficiary designations are legal instructions recorded with a plan administrator or insurer that name the individuals or entities to receive particular assets after the owner’s death. These designations commonly cover retirement accounts, life insurance proceeds, and other payable-on-death assets. Because beneficiary forms generally take precedence over testamentary documents for those assets, they play a central role in estate planning. Ensuring that names, contact information, and distribution priorities are correct prevents delays and reduces the chance that assets will be distributed contrary to your intentions, especially in a state with specific rules like California.
Key Elements of Managing Beneficiary Designations
Effective beneficiary management includes naming both primary and contingent beneficiaries, confirming beneficiary designations across institutions, and documenting any conditions or trust designations where appropriate. The process requires completing and filing forms provided by banks, retirement plan administrators, and insurance companies, and verifying acceptance of those forms. Routine checks following major life events, asset acquisitions, or changes in goals help maintain consistency across estate planning tools. Coordination between beneficiary forms, wills, and trusts ensures that plans function as intended and reduces the risk that assets will be delayed or misdirected during administration.
Key Terms to Know About Beneficiary Designations
Familiarity with basic terms related to beneficiary designations helps you understand how assets will transfer and how to structure designations to fit your estate plan. Important concepts include primary and contingent beneficiaries, payable-on-death accounts, beneficiary forms versus wills, and naming trusts as beneficiaries. Reviewing definitions and examples clarifies decision points when updating or creating beneficiary forms. For Delano residents, understanding these terms helps ensure that estate planning choices reflect current family circumstances and legal expectations under California rules.
Primary Beneficiary
A primary beneficiary is the person or entity first entitled to receive assets designated through beneficiary forms upon the account holder’s death. Naming a primary beneficiary establishes the immediate recipient of funds such as retirement account balances or life insurance proceeds. It is important to provide accurate identifying information and to confirm that the institution accepts the designation. Including a clear primary beneficiary reduces uncertainty and helps ensure that assets transfer as intended, avoiding delays that can occur when an account lacks a valid designation.
Payable-on-Death (POD) Account
A payable-on-death account is a bank account that transfers directly to a named beneficiary upon the account holder’s death, bypassing probate proceedings. The designated beneficiary must provide proper documentation to the bank to obtain ownership of the account after notice of death. POD designations are a straightforward way to pass liquid assets directly to a chosen recipient and can be paired with other estate planning tools to manage liquidity needs and immediate financial support for heirs. Periodic verification of the designation is advisable to avoid unintended results.
Contingent Beneficiary
A contingent beneficiary is a backup recipient who inherits the asset only if the primary beneficiary cannot or will not accept the inheritance. Naming contingent beneficiaries provides a clear successor order and helps prevent assets from reverting to an estate when a primary beneficiary is unavailable. This second-tier designation is particularly useful when there is no will or when family circumstances may change. Clear contingent beneficiary designations reduce the possibility that assets will become subject to probate or intestacy rules.
Probate
Probate is the court-supervised legal process used to validate wills and administer an estate when assets do not pass by beneficiary designation or other nonprobate methods. Probate can involve inventorying assets, resolving creditor claims, and distributing remaining property under court oversight. Because beneficiary designations often allow specific assets to avoid probate, using appropriate designations can shorten administration time and reduce costs for heirs. Understanding how probate works helps you decide which assets to designate and which to include within wills or trusts.
Comparing Beneficiary Designations with Other Estate Tools
Estate planning offers several tools for transferring assets, and beneficiary designations are one important option. Unlike probate-based transfers under a will, assets with valid beneficiary designations typically move directly to named recipients. Trusts provide another avenue for controlling timing and conditions of distributions, while wills address property not otherwise disposed of by beneficiary forms. For many Delano residents, combining beneficiary designations with trusts and wills creates a comprehensive plan that covers diverse asset types and family circumstances. Examining pros and cons of each tool helps tailor a plan to meet personal goals and legal considerations.
When Simple Beneficiary Designations May Be Sufficient:
Limited Asset Types Often Covered by Designations
Beneficiary designations are particularly effective when an estate mainly consists of assets that accept direct beneficiary forms, such as retirement accounts and life insurance proceeds. In situations where the majority of value is held in these account types, relying on beneficiary forms can offer a streamlined transfer process without the need for complex trusts or court involvement. This method works well for straightforward estates where distribution intentions are clear, family relationships are uncomplicated, and the account holder is confident the named recipients are appropriate and up to date.
Clear and Stable Distribution Intentions
When an account holder’s wishes for asset distribution are simple and unlikely to change, beneficiary designations can provide a direct and effective path for transferring assets. Regular reviews should still be part of the plan to confirm that names and contact details remain correct and that beneficiary forms reflect current life circumstances. Maintaining consistent documentation across all financial accounts helps avoid conflicts with testamentary documents and ensures beneficiaries can receive assets promptly and with minimal administrative delay.
When a Broader Estate Plan Is Advisable:
Complex Family Situations and Minor Beneficiaries
If family circumstances involve blended families, minor children, or possible disputes among heirs, relying solely on beneficiary designations may not provide the protections needed. Trusts and carefully drafted wills can define distribution timing, set conditions, and appoint guardians or trustees to manage assets for minors. These structures offer more control over how and when beneficiaries receive assets, which can be important for preserving family harmony and protecting financial security for younger beneficiaries or those who may need oversight.
Assets Not Covered by Beneficiary Forms
When an estate includes real estate, business interests, or other property types that do not accept direct beneficiary designations, a more comprehensive estate plan is necessary to ensure all assets are distributed as intended. Wills and trusts allow for a unified plan that covers property of all kinds and addresses tax, creditor, and administration issues. This approach helps avoid gaps that could leave certain assets subject to probate or unintended distributions under state intestacy rules.
Advantages of Combining Beneficiary Designations with Broader Planning
A comprehensive estate plan that pairs beneficiary designations with wills and trusts provides greater flexibility and control over asset distribution. This coordinated strategy helps ensure that liquid assets transfer quickly while other property is managed through trust arrangements or testamentary provisions. Integrating these tools reduces the potential for conflicting instructions and helps clarify the settlor’s intentions. For families in Delano, a combined approach can protect a legacy, address tax considerations, and make administration clearer and less burdensome for heirs.
Beyond streamlined transfers, a coordinated plan can help preserve privacy, reduce the risk of family disputes, and provide mechanisms to manage distributions over time for beneficiaries who may need ongoing oversight. Trusts allow conditions and timing to guide distributions, while beneficiary designations handle immediate liquidity needs. This layered planning supports a smoother transition of assets, provides a clearer path for estate administration, and can be adapted as circumstances change to maintain alignment with the account holder’s goals.
Greater Control Over When and How Assets Are Distributed
Combining beneficiary forms with trusts and wills provides specific tools to control timing and conditions for distributions. Trusts can delay or stagger distributions for minors or beneficiaries who need financial management, while beneficiary designations provide immediate access to liquid funds. This coordination allows account holders to tailor arrangements to family needs, whether ensuring immediate support, providing for long-term care, or protecting assets from mismanagement. The result is a plan that balances prompt liquidity with careful stewardship of remaining assets.
Reduced Risk of Probate and Family Disputes
A coordinated estate plan reduces the likelihood that assets will become entangled in probate or contested by heirs by clarifying intentions across all instruments. When beneficiary forms and testamentary documents align, there is less room for misunderstanding or competing claims. This clarity helps heirs proceed more quickly and with less friction during estate administration. For Delano families looking to ease the administrative load on loved ones, a comprehensive approach provides both practical and emotional benefits by minimizing uncertainty and potential conflict.
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Practical Tips for Managing Beneficiary Designations
Review Designations After Major Life Events
Major life events such as marriage, divorce, births, or the death of a named beneficiary commonly prompt the need to review and update beneficiary forms. Periodic checks help ensure that names, contact details, and designation types remain accurate and reflect current intentions. In addition to life milestones, changes in asset ownership or account types can require updates. Maintaining a routine review schedule provides peace of mind that distributions will follow your wishes and reduces the risk of unintended outcomes that could complicate estate administration.
Coordinate Beneficiaries with Wills and Trusts
Keep Documentation Accessible and Up to Date
Maintain copies of beneficiary designation forms and related documents in a secure but accessible location and inform trusted individuals where to find them. Confirm that financial institutions have accepted updated forms and provide beneficiaries with necessary contact information. Clear documentation expedites transfers and reduces administrative hurdles for heirs. Regularly auditing records and updating contact details ensures that institutions can locate and verify beneficiaries when needed, preventing delays and simplifying the transfer process after a death.
Why Consider Professional Guidance for Beneficiary Designations
Managing beneficiary designations may seem straightforward, but small errors or oversights can result in significant unintended consequences. Professional guidance helps identify inconsistencies between beneficiary forms and other estate documents, confirms proper completion and submission of forms, and suggests appropriate backup designations. For Delano residents, getting assistance can clarify how California law affects distributions, how trusts interact with beneficiary designations, and what steps to take to protect minor beneficiaries and family members with specific needs.
Receiving advice helps you plan for complex scenarios such as blended families, multiple accounts across institutions, or naming a trust as beneficiary. A careful review can uncover overlooked accounts or outdated designations, advise on coordination strategies, and recommend documentation practices to reduce administration burdens on heirs. While many account holders can complete forms themselves, having a thoughtful review of your overall plan increases the likelihood that assets will pass in accordance with your intentions and minimizes the risk of disputes or probate delays.
Common Situations That Call for Reviewing Beneficiary Designations
Typical triggers for reviewing beneficiary designations include life events like getting married or divorced, the birth or adoption of children, death of a named beneficiary, or significant changes in financial holdings. Changes in ownership of accounts, new retirement plan rollovers, or moving assets between institutions also suggest a review is prudent. Regular revisits to beneficiary forms help align distribution plans with current family structure and financial realities and reduce the risk that assets will pass contrary to your intentions under California law.
Marriage or Divorce
Entering into or ending a marriage often affects beneficiary decisions, and it is important to verify that designations reflect current relationships and intentions. In some circumstances, California laws or plan rules may affect automatic rights of a spouse, and updating forms helps ensure assets go to the chosen recipients. A deliberate review after marriage or divorce clarifies whether you want a spouse named as beneficiary, prefer alternate recipients, or wish to coordinate designations with other estate planning documents.
Birth or Adoption of Children
The arrival of a child typically prompts a reassessment of beneficiary designations to provide for the new family member. Designating guardians, naming trusts for minors, or adjusting percentages among beneficiaries are common responses. Setting contingent beneficiaries and considering trusts can help manage assets on behalf of children until they reach a responsible age. Regular updates ensure that new family members are properly included and that funds intended for their care are preserved for that purpose.
Changes in Asset Ownership
Acquiring or disposing of accounts and other assets can change the overall distribution picture, and beneficiary designations should be updated to reflect current holdings. Rolling over retirement accounts, changing insurance policies, or opening new bank accounts may require separate forms and confirmations. Keeping a complete inventory of financial accounts and verifying beneficiary information across institutions ensures that transfers occur as planned and reduces confusion or overlap among named beneficiaries.
We Are Here to Help with Beneficiary Designations in Delano
Why Choose LA Estate Plans for Beneficiary Designations
Choosing a practice that focuses on estate planning ensures your beneficiary designations are reviewed in the context of your broader financial and family objectives. LA Estate Plans works with clients to confirm that beneficiary forms are completed correctly, accepted by institutions, and consistent with wills and trusts where appropriate. This coordination helps avoid conflicts that might otherwise arise during estate administration and supports a smoother transition for heirs.
Our process includes reviewing all relevant accounts, identifying needed updates, and assisting with the preparation and submission of beneficiary forms to the appropriate institutions. We emphasize practical steps to confirm that designations are valid and that documentation is readily available for beneficiaries and administrators. This diligence helps prevent avoidable delays and reduces the administrative load on family members after a death.
For Delano residents, local guidance that addresses California law and common regional issues can be especially helpful. We help clients think through contingencies, name appropriate backup recipients, and coordinate designations with other estate planning devices. The aim is to provide a coordinated plan that supports both immediate and long-term goals for asset distribution, while reducing uncertainty for the people you intend to benefit.
Contact LA Estate Plans to Review Your Beneficiary Designations
Our Process for Reviewing and Implementing Beneficiary Designations
Our approach begins with a careful review of your current estate documents and beneficiary forms, followed by targeted recommendations to align designations with your broader plan. We assist in preparing and submitting required forms, coordinate with institutions to confirm acceptance, and provide copies of finalized documentation for your records. We also recommend periodic reviews and can help schedule future check-ins to keep your designations current as life circumstances evolve in Delano and under California law.
Step One: Initial Consultation and Information Gathering
The first step involves gathering information about your assets, existing beneficiary designations, and related estate documents. This review helps identify accounts that accept beneficiary forms and any inconsistencies with your will or trusts. We discuss your goals for distribution, special considerations such as minor beneficiaries, and any potential complications so that subsequent steps address your needs and provide a practical plan for updating designations where necessary.
Review Existing Documents and Accounts
We carefully examine current beneficiary forms, retirement accounts, insurance policies, and testamentary documents to assess whether existing designations match your intentions. This includes checking for missing or outdated names, verifying contingent beneficiaries, and noting any account types that require supplemental planning. Identifying these items early helps prioritize actions and ensures a cohesive plan across all documents.
Discuss Goals, Preferences, and Family Circumstances
During the initial discussion, we explore your distribution goals, family dynamics, and any concerns about providing for specific beneficiaries. We address preferences for timing and control of distributions and consider whether trusts or other tools may better meet your objectives. This collaborative conversation helps tailor the beneficiary strategy to your unique situation in Delano.
Step Two: Drafting and Updating Beneficiary Designations
After gathering information and clarifying goals, we assist in preparing or updating beneficiary designation forms for each relevant institution. This step includes completing required paperwork, ensuring accurate beneficiary identification, and advising on naming trusts where appropriate. Confirming that each institution accepts and records the updates is a key part of this phase to secure the intended outcomes for asset transfer.
Prepare and File Required Forms
We help complete the necessary forms for retirement plans, insurance companies, and financial institutions, taking care to include precise beneficiary information and required signatures. Proper completion reduces the chance of administrative rejection or ambiguity later. Once forms are submitted, we advise on how to confirm acceptance and where to store the documentation for easy retrieval by beneficiaries or administrators.
Coordinate Beneficiaries with Other Estate Documents
This stage ensures beneficiary designations are consistent with your will and any trust documents, helping to prevent conflicting instructions. Where naming a trust as a beneficiary is appropriate, we confirm that trust terms align with expected distributions and that institutions will accept the trust as recipient. Coordination reduces the risk of assets being directed in ways that do not match your overall plan.
Step Three: Final Review and Ongoing Maintenance
The final phase includes a comprehensive review with you to confirm that all beneficiary forms are filed and accepted, copies are provided for your records, and a plan is in place for future updates. We recommend regular check-ins to reassess designations after life events or changes in asset holdings. Ongoing maintenance helps keep your plan aligned with current intentions and ensures beneficiaries can access assets with minimal delay when the time comes.
Confirm Filing and Provide Documentation
We verify that institutions have accepted updated forms, obtain confirmations where possible, and deliver copies for your records. Clear documentation ensures beneficiaries and family members know where to find necessary paperwork and supports a smoother transfer process. Confirmations reduce uncertainty and help prevent administrative setbacks during estate administration.
Schedule Future Reviews to Keep Plans Current
To maintain the integrity of your estate plan, we recommend scheduling periodic reviews and updates following major life events or significant changes in holdings. Ongoing attention helps catch inconsistencies before they cause problems and ensures beneficiary designations continue to reflect your goals. Setting reminders and keeping a central record simplifies future updates and supports long-term planning.
The Proof is in Our Performance
Frequently Asked Questions About Beneficiary Designations
What happens if I do not name a beneficiary for my retirement account?
If you do not name a beneficiary for a retirement account, the account will typically become part of your probate estate under California law. When an account is subject to probate, distribution can be delayed while the court oversees the administration and validates testamentary documents. Probate processes often involve additional administrative steps and potential fees, and assets may pass according to state intestacy rules rather than your personal wishes. Naming beneficiaries helps avoid that outcome and directs accounts to intended recipients more efficiently. To prevent unintended distributions, it is advisable to identify primary and contingent beneficiaries for retirement accounts and verify that account administrators have accepted the forms. Keeping beneficiary information up to date and aligned with your overall estate plan reduces uncertainty and makes it easier for heirs to access assets. Regular communication with family members or trusted contacts about where documents are kept can further smooth the transfer process when needed.
Can I change my beneficiary designations after I file them?
Yes, most institutions allow you to update beneficiary designations at any time by submitting new forms. Changes such as marriage, divorce, births, or shifts in financial holdings are common reasons people update beneficiary information. When changing beneficiaries, it is important to follow the institution’s required procedures to ensure the new designations are recorded and that any prior forms are superseded. After submitting updates, confirm that the institution has accepted the new forms and request written confirmation when possible. Keeping copies of the updated forms and noting the date of change helps prevent confusion later. Reviewing designations periodically and after major life events ensures that beneficiary designations remain consistent with your current intentions and broader estate planning documents.
Do beneficiary designations override my will?
In many cases, beneficiary designations take precedence over your will for the specific assets covered by those forms. That means that retirement accounts, life insurance proceeds, and payable-on-death accounts will usually transfer according to the beneficiary forms rather than instructions contained in a will. Because of this priority, it is important to ensure beneficiary designations are consistent with the provisions of your will to avoid conflicting outcomes. Coordinating beneficiary forms with testamentary documents helps maintain a cohesive estate plan and reduces the chance that assets are distributed contrary to your overall intentions. Regular review and alignment of beneficiary designations, wills, and trusts can prevent surprises for heirs and simplify the administration process after death.
What is the difference between a primary beneficiary and a contingent beneficiary?
A primary beneficiary is the person or entity first entitled to receive assets upon the account holder’s death, while a contingent beneficiary is a backup recipient who inherits only if the primary beneficiary predeceases the account holder or is otherwise unable or unwilling to accept the inheritance. Naming both types of beneficiaries establishes a clear order for distribution and reduces the likelihood that assets will revert to an estate without a named recipient. Including contingent beneficiaries is a straightforward way to plan for unexpected events and to ensure continuity in the transfer of assets. It also helps avoid situations where accounts become subject to probate because no viable beneficiary remains, providing a smoother path for administering the account after death.
How often should I review my beneficiary designations?
It is recommended to review beneficiary designations periodically and after major life events such as marriage, divorce, the birth or adoption of a child, or the death of a named beneficiary. A regular review cycle ensures that account names, contact information, and distribution priorities remain current and that beneficiary forms continue to reflect your intentions. Changes in asset ownership or new accounts should also trigger a review to confirm coverage across all holdings. Scheduling routine check-ins helps catch discrepancies between beneficiary forms and other estate documents such as wills or trusts. Maintaining an organized record of all beneficiary forms and keeping copies in a secure, accessible place makes it easier to manage future updates and supports a smoother transfer process when necessary.
Can I name a trust as a beneficiary of my accounts?
Yes, you can often name a trust as the beneficiary of certain assets like retirement accounts or life insurance policies. Naming a trust allows you to set terms for how and when assets are distributed, which can be beneficial for managing inheritances for minors or beneficiaries who need oversight. When using a trust, ensure the trust document and beneficiary designation are drafted in a compatible way and that the trustee is aware of their responsibilities. It is important to confirm with plan administrators or insurers that they will accept a trust designation and that the trust is properly funded and structured to receive those assets. Proper coordination between trust terms and beneficiary forms reduces the chance of administrative complications and helps ensure that assets are handled according to your intentions.
What happens if a named beneficiary dies before me?
If a named beneficiary dies before you, the contingent beneficiary you designates typically becomes the recipient. Having a contingent beneficiary in place ensures a clear successor and reduces the chance that the asset will become part of your probate estate. When no contingent beneficiary is named and the primary beneficiary predeceases the account holder, the asset may revert to the estate and be administered through probate, which can delay distribution and increase administrative steps. To avoid unintended outcomes, regularly review beneficiary listings and consider naming multiple contingents where allowed. Keep beneficiary forms updated to reflect changes in family circumstances and ensure that asset transfers follow your intended distribution plan without unnecessary complications.
How do payable-on-death accounts work?
Payable-on-death accounts allow the account holder to name a beneficiary who will receive the account balance directly upon provision of required documentation after the holder’s death. These accounts typically bypass probate, enabling beneficiaries to access funds more quickly than assets that must be administered through the court. The beneficiary will need to provide a death certificate and identification to the financial institution to effect the transfer. Because POD designations affect only the named account, it is important to review such accounts alongside other estate planning tools to ensure overall consistency. Confirming acceptance of the designation with the institution and keeping records of any confirmations helps beneficiaries locate and claim assets when the time comes.
Should I coordinate beneficiary designations with my will and trusts?
Yes, coordinating beneficiary designations with your wills and trusts is an important step in creating a cohesive estate plan. Beneficiary forms often control the transfer of certain assets and can override testamentary instructions for those specific items. Ensuring consistency across all documents reduces the risk of conflicting directions and confusion for heirs, helping the overall plan function as intended. Regular reviews and cross-checks among beneficiary forms, wills, and trusts help identify any gaps or overlaps and support clear outcomes. Keeping copies of all relevant documents together and maintaining a schedule for future reviews helps preserve alignment as life circumstances change.
Who should I contact for help updating my beneficiary designations?
If you need assistance updating beneficiary designations, contact LA Estate Plans in Delano to schedule a review and discuss your options. We can help identify accounts that require updates, prepare and file necessary forms, and coordinate designations with other estate planning documents. Our office can also advise on naming trusts or contingent beneficiaries where appropriate and confirm that institutions have registered changes. To start the process, gather current account statements and any existing beneficiary forms, then reach out to schedule a consultation. Keeping clear records and following up with institutions after filing changes will help ensure the intended outcomes and reduce administrative hurdles for beneficiaries in the future.