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Can you name more than one beneficiary in a will?

You can always name more than one beneficiary for a gift in your will. For example, you can give your home to your three children, or the money in your bank account to two separate people. You can also name multiple contingent beneficiaries, as well as multiple residuary beneficiaries.

Who is a beneficiary in a will?

Someone who receives money or estate assets via a will is called a beneficiary. The person who creates the will (also called the testator) can name one beneficiary or multiple. They can also name a business, organization, or trust as a beneficiary.

What is the difference between a will and a beneficiary designation?

Further, a Will is something that you set up on your own accord, whereas a beneficiary designation is a document required by the company holding the asset. Common assets that pass by beneficiary designation include life insurance, retirement accounts, and annuities. Does Beneficiary Designation Override A Will?

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