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.
Additionally, you can edit the order of beneficiaries by logging into your Safewill account, navigating to the "Will" section, and selecting "Update your Will" or "Edit your Will." Adjust the order of beneficiaries as desired and save your changes.
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.- Log in to your Safewill account to access the beneficiary settings.
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). For blended families, avoid using generic terms like "My Children" or "Their Children" to ensure stepchildren are not excluded. Instead, list each child or stepchild individually by name.
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.- Include charities as beneficiaries by listing them in the appropriate section of your Will.
FAQs
Can I make changes to my Will after it has been signed? No, changes cannot be made to a signed Will. You will need to create a new Will to reflect any updates.
How often can I update my Will? You can update your Will as often as needed with an active Safewill subscription.
What happens if I don’t specify backup beneficiaries? If no backup beneficiaries are specified, your estate may be distributed according to default legal rules, which may not align with your wishes.