How do I add a substitute beneficiary for a specific asset in my Will?
Substitute beneficiaries are also considered beneficiaries of the Will. Hence, they and their spouse CANNOT be witnesses to the Will.
The configuration provided in this article redistributes only a specific asset that the "primary beneficiary" is entitled to receive to your indicated substitute beneficiary(s).
If you want to redistribute every asset that the "primary beneficiary" is entitled to receive, check out this article - How do I add a substitute beneficiary in my Will?
[Important] If you are including substitute beneficiaries, some for a specific asset and some for every other assets, please refer to the configuration provided in this article - How do I add a modified substitute beneficiary clause in my Will, which excludes Specific Gifts with Additional Instructions that specify a different redistribution?
You can also choose to give a person (substitute beneficiary) a specific asset only if the "primary beneficiary" of a specific asset is dead. In this example, if the "primary beneficiary" of a specific asset dies, this specific asset shall be redistributed to your substitute beneficiary(s).
Under the Allocate Assets tab, select an asset, and allocate the asset (either entire or partial) to your "primary beneficiary". Under " Additional Instructions" in the asset, key in the condition:
If my {Relationship}, {Name}, {Identification Number/details}, dies before me, the share of this asset which he/she would otherwise be entitled to receive under this Will shall be redistributed to my {Relationship}, {Name}, {Identification Number/Details}.
If you want to redistribute the asset to multiple substitute beneficiaries, you can use the following clause instead:
If my {Relationship}, {Name}, {Identification Number/details}, dies before me, the share of this asset which he/she would otherwise be entitled to receive under this Will shall be redistributed in the following manner:
- XX% to my {Relationship}, {Name}, {Identification Number/details};
- XX% to my {Relationship}, {Name}, {Identification Number/details}.
If you want to redistribute the asset to a substitute beneficiary if multiple "primary beneficiaries" are dead, you can use the following clause instead:
If ALL of the following beneficiaries:
- my {Relationship}, {Name}, {Identification Number/details};
- my {Relationship}, {Name}, {Identification Number/details};
- my {Relationship}, {Name}, {Identification Number/details};
die before me, the share of this asset which they would otherwise be entitled to receive under this Will shall be redistributed to my {Relationship}, {Name}, {Identification Number/details}.
If you want to redistribute the asset to multiple substitute beneficiaries if multiple "primary beneficiaries" are dead, you can use the following clause instead:
If ALL of the following beneficiary(s):
- my {Relationship}, {Name}, {Identification Number/details};
- my {Relationship}, {Name}, {Identification Number/details};
- my {Relationship}, {Name}, {Identification Number/details};
die before me, the share of this asset which they would otherwise be entitled to receive under this Will shall be redistributed in the following manner:
- XX% to my {Relationship}, {Name}, {Identification Number/details};
- XX% to my {Relationship}, {Name}, {Identification Number/details}.