The main focus of creating a will is asset distribution. Choosing a beneficiary is a major part of the process, so it’s important to understand what’s involved. Here’s a closer look at primary selectees and the importance of a legal backup plan. 

What Is a Primary Will Beneficiary?

Beneficiaries are people or entities, like a charity, chosen to receive an inheritance. A primary beneficiary is the one picked for a specific asset. In some cases, the entire estate may be left for them. Such is often the case when there’s a life partner without legal spousal benefits or other individuals not typically in the line of succession, like a close friend or non-legal relation. 

Primary will beneficiaries are given priority during the distribution process. In the eyes of the court, they’re the first and preferred option for the outlined inheritance. 

What Happens If They Pass Away?

When a beneficiary passes away before receiving their inheritance, the asset goes to the next in line. To ensure it goes to a desired individual or group, it’s important to choose an alternate recipient known as a “contingent beneficiary”. 

Failing to select a second-in-line requires that the probate court follow the rules of intestate succession. As a result, the next of kin becomes the main beneficiary, which may not line up with the bequeather’s wishes. 

In a situation where the primary has passed away, but the creator is still alive, the will can be updated. They simply need to either choose a new primary or move the contingent into the main spot. With the latter, a new alternate needs to be selected to serve as a backup.

Enjoy the peace of mind of thorough and concise estate planning by working with Rutherford Law Office in Chillicothe, OH. The local attorneys provide a personalized experience with will and trust creation, serving the needs of residents across Ross County. Find out how the law firm can assist you by visiting their website or calling (740) 775-7434.