The Difference Between Beneficiary Designations and Trusts
A beneficiary designation is a legal document that is used to determine who inherits the assets you have in place. You can also use this legal document to ensure that your loved ones will receive the proper benefits when you pass. If you don’t want your money going to the wrong person, you can choose to designate a Trust or another entity to manage your assets.
Beneficiary designations work just like a will, but are more convenient. They are easy to set up and can save you money. Generally, you don’t have to pay any fees to set up a beneficiary designation. However, you should still be sure to check it frequently to make sure it remains up to date.
Beneficiary designations can be found in retirement plans, life insurance policies, annuities, and brokerage accounts. Some of these may automatically name a spouse or child as the beneficiary. For example, a retirement plan may name you and your spouse as the primary beneficiaries. This type of designation may not address every potential contingency, but it can be helpful.
Although not as prestigious as a will, a beneficiary designation can be one of the most important aspects of estate planning. In many states, a beneficiary designation can prevent your estate from becoming part of the probate process. The probate process can cost you time, money, and headaches. It can also delay the distribution of your assets.
A beneficiary designation can be one of the most effective ways to avoid probate. The most obvious benefits of this type of designation is that it can be received without the need for a court’s approval. Another benefit is that it is a low-cost and simple method for leaving an inheritance for your loved ones.
When it comes to the best possible way to leave your loved ones an inheritance, a beneficiary designation is a good choice. This is because it allows you to select the appropriate beneficiary and avoid any pitfalls associated with a will. Also, a beneficiary designation is one of the easiest ways to avoid a probate and is the most cost-effective option.
Although there is no right or wrong way to designate a beneficiary, you should be aware of the pros and cons of each. Your financial advisor can help you determine which is best for you and your family.
Disclaimer: This is not legal advice and is simply an answer to a question and that if legal advice is sought to contact a licensed attorney in the appropriate jurisdiction.
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Stansbury Park, Utah
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Location in Tooele County and the state of Utah
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Location of Utah in the United States
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| Coordinates: 40°38′15″N 112°18′3″WCoordinates: 40°38′15″N 112°18′3″W | |
| Country | United States |
| State | Utah |
| County | Tooele |
| Named for | Howard Stansbury |
| Government | |
| • Type | Unincorporated area |
| Area | |
| • Total | 1.5 sq mi (3.8 km2) |
| • Land | 1.3 sq mi (3.4 km2) |
| • Water | 0.2 sq mi (0.5 km2) |
| Elevation | 4,295 ft (1,309 m) |
| Population
(2010)
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| • Total | 5,145 |
| Time zone | UTC-7 (Mountain (MST)) |
| • Summer (DST) | UTC-6 (MDT) |
| ZIP code |
84074
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| Area code | 435 |
| FIPS code | 49-72720[1] |
| GNIS feature ID | 1436424[2] |
| Website | Official Service Agency Website Official Stansbury Park Community Association Website |
Stansbury Park is a census-designated place (CDP) in Tooele County, Utah, United States. The population was 5,145 at the 2010 Census; it was 2,385 at the 2000 census; the 1990 census population was 1,049.
Stansbury Park is located in the northern end of Tooele Valley at the base of the Oquirrh Mountains. Traveling by Interstate 80, Stansbury Park is 35 minutes from downtown Salt Lake City.
Stansbury Park was proposed by the original developer (Terracor) as a planned community with a lake for sailing and canoeing, an eighteen-hole golf course, clubhouse, swimming pool, and parks. Although the original developer withdrew from the scene in the 1980s due to bankruptcy, that plan has generally been followed. The parks throughout Stansbury Park include baseball diamonds, soccer fields, basketball courts, tennis courts, play areas for children, skateboard park, and an astronomical observatory. A large park northwest of Utah State Route 138 is being developed.[3] A natural lake (The Mill Pond) exists on the northern edge of the area; it is fed by a spring at its southeast end. The outflow water from this lake is piped around the Oquirrh Mountain Range (east of Stansbury Park) to the Kennecott Company‘s copper mine refinery operation (the runoff water from the lake enters a large pipe NW of the Benson Grist Mill for transport to the Kennecott operation).
The area includes several businesses, clustered in two developments at the southeast and northeast corners of the area along Utah State Route 36.
As of 2019, the community is not incorporated; thus all municipal services (except for water and sewer service) are provided by Tooele County. A proposal to incorporate was voted down in November 2016.
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