A beneficiary is a person or organization (nonprofit or charity) you name in certain legal documents—like a will or a life insurance policy—to receive all or some of your assets (i.e your stuff) when you pass away. You can list more than one beneficiary, and you don’t have to choose a relative. Here are some examples of beneficiaries:
- A person (or multiple people)
- The trustee of a trust you’ve set up
- A charity or nonprofit
- A minor (child under 18 years of age)
- Your estate (in the case of a life insurance policy)
For my details on who to choose as your beneficiary and what that entails, visit this article on our website to learn more!
You may also reach out to our support team here with any additional questions.