Beneficiary Named In Will
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FAQ
More often than not, people select their spouse as their primary beneficiary, and then name their children as contingent, or secondary, beneficiaries. However, the age of your children will likely come into play here.
Spouse, partner, children, parents, brothers and sisters, business partner, key employee, trust and charitable organization.
Your primary beneficiary is the person or entity you select that is entitled to the policy's benefit upon your death. The Insurance Information Institute (III) recommends you also select a contingent beneficiary as next in line for the benefits in case your primary beneficiary cannot be found or dies.
A beneficiary under a last will and testament is known as a testamentary beneficiary. For example, if John executes a last will and testament that states ?I leave the sum of $1,000.00 to Jane?, then Jane is a testamentary beneficiary of John's will.
Write only one beneficiary on each line. Make sure that you write the full names of all beneficiaries. For example, if you name you children as beneficiaries, DO NOT merely write ?children? on one of the lines; instead write the full names of each of your children on separate lines.