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.
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).
If you want to apply this clause to EVERY asset the "primary beneficiary" is entitled to receive [e.g. if the "primary beneficiary" dies, everything he is entitled to receive shall be redistributed to your substitute beneficiary(s)], check out this article instead.
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}; and
- 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}; and
- my {Relationship}, {Name}, {Identification Number/details}; and
- 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}; and
- my {Relationship}, {Name}, {Identification Number/details}; and
- 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}; and
- XX% to my {Relationship}, {Name}, {Identification Number/details}.