Planning your estate is not just about ensuring that your assets go to your intended beneficiaries, but also about preparing for unexpected situations.
What are backup beneficiaries?
While you may have clear intentions for your primary beneficiaries in your Will, life is unpredictable. In the event that your primary beneficiaries pass away before you, they become unable to receive their inheritance. This is where backup beneficiaries step in, ensuring that your estate is distributed according to your wishes.
For example, if you appoint your partner as your primary beneficiary i.e the person who will inherit your estate, and you both pass away together, you can select your children as backups to inherit your estate instead.
How does nominating backup beneficiaries work with Safewill?
For each primary beneficiary listed in your Will, you can nominate a single or multiple backup beneficiaries to take their share. You can select from our suggested options (their children, or split between the remaining beneficiaries) or can choose to name specific people or charities.
Configuring Backup Beneficiaries
Navigate to Backup Settings:
After selecting your primary beneficiaries, proceed to the next page.
Appoint Backup Beneficiaries:
Use the section labeled
If they do not survive, who should inherit your Estate.Identify and list one or more backup beneficiaries.
Customizing Allocations
You can assign specific percentage shares to backup beneficiaries rather than splitting the estate equally. Here’s how:
Select the Backup Beneficiaries:
Nominate backup beneficiaries individually (e.g., children, relatives, or charities).
Assign Percentage Allocations:
Use the customization options to assign a share to each beneficiary (for example, 75% to one and 25% to another).
Adjust Existing Wills:
If your will is under review, reopen it to include these changes.
Options for Handling Non-Surviving Beneficiaries
Safewill offers several options for redistributing a beneficiary’s share if they do not survive. You can:
Redirect the share to the beneficiary’s children.
Split the share among remaining beneficiaries.
Name specific backup individuals or entities to inherit the share.