Choosing Beneficiaries in a Will

The primary purpose for having a Will is to specify the persons, called “beneficiaries”, who will receive your property after your death. Often the beneficiaries are family members and friends. They can also be charitable organizations or trusts.

Your Will does not control the distribution of your life insurance, retirement plans, and trusts—basically, the types of assets that are paid in accordance with beneficiary designation forms, unless your designations of the life insurance proceeds are specifically designed to cause the proceeds to flow through your Will.

If you don’t have a Will, state law controls who will receive your property. Generally, this means that your property will go to your heirs and spouse (if you have one). Depending on your circumstances, state law would probably require that your property be distributed to the following people:

• Your spouse
• Your children
• Your relatives (parents, siblings, grandparents)

Laws on this topic may vary from state to state. This content is not meant to provide you with complete information and it is not intended to be legal or tax advice. It is recommended that you consult with your own attorney, accountant or other advisor regarding your specific situation.