What is a beneficiary of a will?
A beneficiary is any person or organisation that receives something under your will — family, friends, charities, anyone you choose. You can name as many beneficiaries as you like, and for each gift you can (and should) name a substitute in case your first choice dies before you.
What kinds of gifts can a will make?
- Specific gifts — a particular item: "my watch to my nephew Sam".
- Pecuniary gifts — a fixed sum of money: "£5,000 to my sister".
- Residuary gifts — a share of everything left after debts, taxes and other gifts; usually the bulk of the estate. See what the residuary estate is.
- Substitute gifts — the backup plan: "but if she dies before me, to her children equally".
What is the difference between a beneficiary, executor and witness?
Three roles people constantly confuse:
- A beneficiary can also be your executor — very common, and perfectly legal.
- A beneficiary — or their spouse or civil partner — must not witness the will; the gift becomes void under s.15 of the Wills Act 1837. See who can witness a will.
- Beneficiaries do not need to sign anything, or even know about the will during your lifetime — though telling the main ones is usually wise.
How should you name beneficiaries in a will?
Clear full names, sensible substitutes, and a residuary clause that catches everything else — that is most of good beneficiary drafting. You can make your will in about 15 minutes with SwiftWill: one-time £35, free updates for life.