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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 are the different types of beneficiaries in a will?

The beneficiaries named in your will can fall into one of the following categories: Primary beneficiary. This is the person who you want to receive specific property that you identify in the will. Contingent beneficiary. This is your back-up beneficiary, also known as your alternate beneficiary.

How do you name a beneficiary in a will?

When you name a beneficiary in your will, use a clear and precise name that will be easily understood by the people who read your will. You should also name an alternate (second-choice) beneficiary, in case your first-choice beneficiary dies before you. When you name a person as beneficiary, use the full legal name.

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