Wills: Why it's important to include substitute beneficiaries in your Will

Beneficiaries, it could be argued, are one of the most important parts of the Will creation process.

They are a significant motivating factor behind the Will being put together, as the testator wishes to provide for the beneficiaries after they’ve died.

Based on a close bond – either a family member or a friend – the choice of beneficiary is hugely important.

But few consider picking a substitute beneficiary, or even multiple substitute beneficiaries, in case circumstances dictate.

What is a substitute beneficiary?

A substitute beneficiary is a person who will be nominated to receive an element or the whole estate, depending on the nature of the Will being enacted.

If the primary beneficiary dies before the testator, the substitute beneficiary becomes the primary receiver.

Why is it beneficial to name one?

Although perhaps not the most obvious process when making a Will, naming a substitute beneficiary can prove significant.

It covers many eventualities, the death of a main beneficiary, to name one. Do you know what happens to that element of the estate that you had previously assigned? It’s essential to have a back-up plan to ensure your specific wishes are acted upon regardless of the circumstances.

How can you include a substitute beneficiary?

If you are rethinking your Will, considering changes based on life updates, or creating a Will from the beginning, it would be beneficial to consider a substitute beneficiary.

As part of that process, you can include a substitute to cater for many different potential outcomes.

Giving what you want to the people you choose should be your choice and not left to change.

Winns can help

Winn Solicitors has a dedicated team of Wills, Probate, and Trusts specialists ready to help you through the Will writing process.

If you want to rely on expertise and decades of experience, get in touch with our empathetic and diligent team now.

Take a look at our dedicated website by clicking here, or book an appointment by clicking here.

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