Who is a beneficiary of a will?

A beneficiary of a will is a person who’ll inherit something when someone else dies. Details of their inheritance can be found within the will document. As a beneficiary, you may be wondering ‘how soon after death is the will going to be read out to me?’.

Do I need a will if I have beneficiaries?

The Will will also name beneficiaries who are to receive assets. An executor can override the wishes of these beneficiaries due to their legal duty. However, the beneficiary of a Will is very different than an individual named in a beneficiary designation of an asset held by a financial company.

What is a beneficiary designation in a will?

Beneficiary designations apply to specific accounts and products, including life insurance policies, annuities, brokerage and retirement accounts. Meanwhile, your will describes your entire estate, including assets with designated beneficiaries. Specific companies require beneficiary designations for their products.