A beneficiary is a person who receives all or part of the distribution from the deceased estate. 

There are two types of beneficiaries that are included in Wills. It’s important to understand the difference so that you can think deeply about how you’d like to divide your estate.

Specific beneficiaries: who hold interest in a specific asset such as a boat or car.

Residuary beneficiaries: who are entitled to a share of the overall estate once specific gifts have been allotted and any debts of the estate are paid out.

For example, you might wish for your daughter to be the specific beneficiary of your home. But after your house has been allocated to her, you may identify your partner to be the residuary beneficiary of 50% of the remaining assets and bequeath 50% of your remaining assets to a charity.

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