Your Last Will and Testament: 5 Kinds of Beneficiaries

When creating your last will and testament, you will need to name your beneficiaries. There are several types of beneficiaries that you could name. Here are a few of the different kinds of beneficiaries that you could name.

1. Primary Beneficiaries

Primary beneficiaries are the most common type of beneficiary. A primary beneficiary is an individual that you name to receive certain portions of your estate.

2. Alternate Beneficiaries

Alternate beneficiaries are individuals that will receive part of your estate if the primary beneficiaries are unable to or do not want it. If the primary beneficiary dies, the alternate beneficiary will step in.

3. Beneficiaries of Shared Gifts

In some cases, you can designate certain assets that have to be shared between or among multiple beneficiaries. In this case, they will all be equal owners of the property.

4. Residuary Beneficiaries

In your will, you can decide to give specific assets to a primary beneficiary. If you do not want to list the entire estate out, you can say that another beneficiary is going to get the rest of your estate. This individual is known as a residuary beneficiary.

5. Alternate Residuary Beneficiary

This is another type of beneficiary that you can name that will step in if the residuary beneficiary passes away.

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