Legal Question in Wills and Trusts in Massachusetts
Designation of Beneficiaries
When I update my designation of beneficiaries on various assets such as my pension, 401k, life insurance, etc; I want to designate my wife as the primary beneficiary and all my children equally as the contingent beneficiary. What is the best way to phrase this for the beneficiary forms?
Asked on 12/08/06, 9:34 pm
1 Answer from Attorneys
Alan D. Humbert
Law Office of Alan D. Humbert
Re: Designation of Beneficiaries
Your children would be called contingent beneficiaries. You also have to decide how the assets would be divided if a child dies before you.
Do you want it to go to that deceased child's family (tenants in common), or be split between his or her surviving siblings (joint tenants with right of survivorship).
Answered on 12/09/06, 10:59 am
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