What is a ‘beneficiary’ anyway?

Who is your beneficiary?

Beneficiaries - How my belongings are distributed

Simply speaking, a beneficiary is someone who ‘benefits’ from your will.

When making your will, you need to decide how you want to divide your assets between your beneficiaries. For example, you might choose to leave:

  • a certain gift to someone; or
  • the part, or the whole of your estate to your beneficiary.

Your ‘estate’ is everything that is left over after the gifts are distributed and your debts are paid.

Gifts

Deciding what gifts to leave certain people can be hard. Your might want to start by thinking about the relationships you have with particular friends and family. For example,

Every time your nephew visits, you spend time together playing your guitar. You enjoying playing together and have great memories teaching him your favourite songs, so, you decide to leave him your guitar in your will. Leaving a gift to someone, like your guitar, is a great way of letting them know how much you valued the time you spent together.

Estate

Everything that you own that is left over after your gifts have been distributed and the debts that you owe have been paid, is known as the 'balance of your estate'. Typically, this will include any property that you own and will be equally shared between the beneficiaries you name in your will.

Our online will kit gives you the option of giving gifts to specific people or charities and then let's you name your beneficiaries, who will equally receive the balance of your estate.

Having a will can make sure your assets are distributed how you want them to be. It's easy to start making your will now.