Skip to Content

We are a Veteran Owned Business, providing 20% discounts for Veterans, First Responders, Elementary and High School teachers. Please contact us to set up a phone or Zoom meeting. Taking care of you and your family, It's What We Do!

Can I Name Alternative Beneficiaries in a Burlington County Will?

Posted on Mon Jul 7, 2014, on Estate Planning

From our “Ask a Question” Mailbag: I live in Burlington County, New Jersey. My question is whether I can name an alternative beneficiary in Burlington County?

Most recently updated July 1, 2018.

Estate Planning Lawyer Burlington County New Jersey

The Alternative Beneficiary in Burlington

Naming An Alternative Beneficiary in Burlington County, New Jersey.

A Will is a legal document that specifies the beneficiaries who are to inherit your assets either outright or in trust. It is a good idea to consider the possibility that any beneficiary that you name in your will might die before you. If so, you can name an alternative beneficiary who will receive the asset.

For example, your Will could state: “I give all my Burlington County real estate to my sister, Anne Smith, but if she does not survive me, all my Burlington County real estate shall pass to my cousin, Joel Smith.”

What are some other options for an alternative beneficiary?

Another alternative beneficiary is a trust to hold assets for a person who you deem not old enough to have an asset outright. For example, your Will could state, “I give my collection of hunting rifles to my son, Robert Smith, but if he has not yet reached the age of 18, the rifles shall be held by my brother, Daniel Smith, until my son Robert reaches the age 18.”

Alternate beneficiaries also include trusts to hold assets for a person who is special needs and receiving government benefits. Though the specific language is too complicated to place here, your Will could state that if a beneficiary is receiving government needs-based benefits, the inheritance passes into a Special Needs Trust, so the beneficiary has the benefit of the inheritance but is still able to qualify for the needs-based government program.

More Planning Questions?

Having an alternative beneficiary is only a piece of the Estate Planning process. By all means, if you want to learn more, please read my more detailed article, Estate Planning Everything You Need to Know.

In Conclusion: Naming an Alternative Beneficiary in Burlington County.

I hope that this article was helpful in explaining how to name an alternative beneficiary in Burlington County. Further, I included links to even more detailed information on my website so you can learn more. Therefore, please contact me and let me know how I did. Certainly, your comments and questions are welcome!

Let our Estate Planning lawyers help walk you through what can be a confusing process. To begin with, call to speak to one of our experienced estate planning lawyers.  By all means, our lawyers are ready to answer your questions. In fact, feel free to contact our office for a free consultation. Ultimately our goal is to make the process as painless as possible!

Wills, Trusts, Probate, and Estate Litigation, It’s All We Do!

 

Tags:

Beneficiary, Burlington County, Estate Planning Attorney, Estate Planning Lawyer, New Jersey, Trust Under Will

Peter KlenkPeter Klenk

What Our clients are saying

Klenk Law Logo
Stars

Peter J. Gutekunst, CFP®

I've worked with and known Peter Klenk and his associates for years. They are highly professional, diligent and truly experts in their field. By focusing on just wills, trusts, and estates, Klenk law has experienced every angle of estate planning and applied that knowledge to help prepare our clients with thorough and comprehensive documents.

Klenk Law Logo
Stars

Darryl J.

Answered my question quickly and referred me to a colleague that could handle my problem

Klenk Law Logo
Stars

Ian Marchant

Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.

Klenk Law Logo
Stars

Klenk Law is an exceptional practice. Their fine lawyers and staff team up to produce excellent results for their clients. They excel at explaining the often cryptic laws and policies that govern estate planning right down to the complexities of the various "trust" frameworks. Peter himself manages each client together with his great team, and he has a rare quality to be both a walking encyclopedia of planning minutia and also one of the most likable lawyers I have ever had the pleasure of dealing with. He is truly generous in intellect and in his personal approach to getting the "big picture" for complex family structures. I trust him implicitly to help me make the right choices for the future. In short, Klenk Law is a gem of a firm.

Klenk Law Logo
Stars

A Google User

Peter Klenk & Associates is my go-to firm for estate planning and advice in probate and estate administration. Peter and his attorneys are top-notch and exceptionally responsive. Peter has the knack of being able to explain extremely complex tax and estate planning issues in a manner that clients are easily able to understand and comprehend allowing them to confidently make important decisions.

Let us put our expertise to work for you.

Free consultation within 24 hours.