Naming beneficiaries to your estate allows those assets to remain private (i.e. bank accounts, 401K, insurance policies, etc.). When your will goes to probate, it becomes public record allowing anyone interested to review your money, assets, and how they’ve been divided. This often leads to fights between family members or creditors. Naming beneficiaries upfront and potentially evaluating a trust can keep your assets private – while protecting them from the public.
