When writing a will, you will probably not expect the beneficiary to not outlive you. If your beneficiary does pass away, you will need to have your will modified to determine how assets that were meant to go to the beneficiary would be distributed. However, you will also need to name alternative beneficiaries to take into account when you and a beneficiary pass away at the same time and you are unable to name a different beneficiary.
Writing a Will Can Be Very Complicated
Whenever making a decision with your will, it's important to speak with a lawyer. They will be able to inform you about the best ways you can go about achieving your goals.
In some cases, an alternative beneficiary can be very simplistic. For example, you may intend to leave your house to your spouse. However, if your spouse passes away, you may instead leave your house to your sibling.
When leaving certain types of property to one beneficiary or another, you will need to consider the impact that this decision will have. For instance, you may have a spouse and two children, but you may choose to leave your house with your sibling depending on the custody arrangements you make after you pass away. Every family situation is unique, and you will want to discuss the situation with your other family members.
You Can Name Multiple Backups
You're able to great several levels of beneficiaries. Make sure to explain how the will changes if any particular beneficiary passes away and you will be allowed to have as many beneficiaries as you want.
Make Sure You Know What Will Happen Without an Alternative Beneficiary
It's important to discuss with your lawyer what will happen if you do not have an alternative beneficiary. When you do not have an alternative beneficiary, the assets will be distributed based on the state in which you reside. In some states, the assets will go to the heirs of the deceased.
In other states, the assets will instead be distributed to your own heirs. It's always a better idea to decide directly how your assets will be distributed. Otherwise, the state will try to guess what you would have wanted in that particular situation and might guess wrong.
If your will is not clear, probate can be more expensive. This is because the executor of the estate might need to hire their own probate lawyer. A well-written will can prevent this.
For more information, visit a website for local law firms such as https://www.wrightlawidaho.com/.Share