Who Are The Beneficiaries Of A Will In Long Beach?

A Quick Guide To Naming Beneficiaries In Long Beach, California

You have the freedom to give your assets or property to whoever you want. As long as you have a well-drafted will that's organized, clear, and specific, you won't have to worry about what happens after you pass. That said, you don't want to forget beneficiaries or make mistakes, either.

In this post, we'll talk about the beneficiaries you can list in your will, as often handled by one of our prescreened Long Beach Estate Planning Lawyers in California.

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A beneficiary is a person or organization to whom you leave your assets. You can name any person, family member, friend, organization, or institution as a beneficiary. However, a person who serves as a witness to the signing of the Will is the only individual who cannot be named as a beneficiary.

1. Multiple Beneficiaries

If you have multiple children, siblings, or other beneficiaries, you should think about dividing your estate. Again, you need to be specific to who you want to get an inheritance, as well as be clear about how much each person is going to get.

If your Will names several beneficiaries, you must also specify how the assets will be split among them. The following are some examples of common distribution methods:

  • To transfer assets to beneficiaries fairly or equally

  • To unequally divide assets among beneficiaries (i.e., you might want to give 80% to someone and 20% to another)

  • To assign specific property to specific individuals

  • To assign a portion of your estate to be divided evenly among a group of people while also directing the remainder of your estate to be dispersed in specific amounts to other people or organizations.

  • To direct that all of your assets be liquidated and that the proceeds be distributed equally or unequally among beneficiaries.

It's a good idea to think about the assets you'll be gifting and how the distributions of those assets will play out if you're naming several beneficiaries.

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