It’s pretty common for the executor of the will – who is responsible for making sure that the terms of the will are carried out – to also be one of the main beneficiaries. What is will beneficiary called? If someone is a trustee, and looking after a trust on someone else’s behalf, they can also be a beneficiary in their own right. Some common beneficiaries include: 1. Children and grandchildren 3. Organizations, such as churches and universities 6.
See full list on lawyers. 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. Name alternates, in case your first choice beneficiary dies before you.
For people, use full legal names. You can also add the person’s relationship to you (like “spouse” “frien” or “brother”) or an “AKA” (also known as) for nicknames or former names. For an organization like a church or school, contact the organization’s giving department to find out what name they want you to use. If it’s a big organization—like a state school—which name you use could have an effect on their taxes and on how they can use the money. (more…)