What is a beneficiary?
A beneficiary is someone entitled to receive assets or benefits from a will or trust.
Why it matters
Naming beneficiaries controls who gets specific accounts and policies.
Common confusion
Beneficiary designations often override will instructions for those assets.
Frequently Asked Questions
Do beneficiaries override my will?
For accounts with named beneficiaries, usually yes.
Can I name more than one?
Yes, and you can set percentages.
What if a beneficiary died first?
It depends on the document’s contingent terms.