The Alternate or Residuary Beneficiary in Your Will

When you are choosing a will beneficiary, there are a number of things that you will have to take into consideration. For one, you are also going to want to name an alternate or residuary beneficiary for your will. Here are the basics of the alternate or residuary beneficiary.

Alternate Beneficiary

When you name a beneficiary for your will, he is going to be able to receive exactly what you leave for him. However, in some cases, a beneficiary may not want what has been left for him. Because of this, you will need to name an alternate beneficiary. This way, if your primary beneficiary does not want what you have willed to him, another individual will be able to gain access to that inheritance.

Leftover

By naming a residuary beneficiary, you will be able to provide her with the rest of your estate without naming everything individually. For example, you could leave your car to one beneficiary and then say that everything else in your estate goes to another. The individual that gets the rest of your estate is going to be referred to as a residuary beneficiary. This makes naming your beneficiaries much easier.

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