Estate Planning Basics: What Is a Beneficiary to a Will?

People create wills to establish what happens to their money and assets when they pass away. In these estate planning documents, they can name beneficiaries – individuals who will receive money, other assets, or specific bequests like sentimental items upon the person’s death. Are Beneficiaries Heirs? Both beneficiaries and heirs can inherit money and assets when someone dies. While beneficiaries can be the decedent’s family, they do not have to be related to the person who made the will. Beneficiaries can also be friends, charity organizations, or other entities; they are specifically named in a person’s will. In the event Continue Reading