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.
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!
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