Last week I wrote about beneficiary designations, and today I will finish writing on that topic and talk about different ways these designations may be set.
In the case of many contracts, as well as a will or trust, you can pre-determine how assets might be divided if one or more of the beneficiaries has already passed away before receiving their share of the inheritance.
Suppose a mother has three adult children who are the primary beneficiaries of her life insurance policy. Upon the mother’s death, each of her three children would receive one third of the policy proceeds.