Beneficiaries are the people or organizations who will inherit from your estate. You can update your beneficiaries at any time in your Willful account to reflect life changes, new relationships, or changes in your wishes.
A contingent beneficiary is an ultimate backup who will receive your estate only if all other named beneficiaries have predeceased you. You can appoint as many contingent beneficiaries as you like, and if this situation arises, everyone listed will share your estate equally.
Steps to add or edit beneficiaries
Step 1: Open the Allocations page and log into your Willful account
Step 2: Edit beneficiaries
You will be prompted to add, remove, or update beneficiaries as needed.
Willful saves all names of family members and appointees (such as guardians, executors, and previous beneficiaries) in a reusable contacts list.
If you are changing your beneficiaries, you may select an existing contact or click on Add new to assign a new beneficiary.
You can choose to Add a person or Add a charity as a beneficiary.
Step 3: Set beneficiary percentages
When adding beneficiaries, Willful will initially divide your estate equally. To customize the distribution:
Add all beneficiaries first.
Then manually type in the percentage you’d like each beneficiary to receive.
Step 4: Decide on what happens if one of the beneficiaries pass away before you
You will be prompted to select one of the following in case a beneficiary pass away before you:
Go directly to their children
Divide among the other beneficiaries
Step 5: Appoint contingent beneficiaries (optional)
Find the Contingent Beneficiary section.
Click the blue Edit button next to it.
Add or update your contingent beneficiaries from your saved contacts, or create new ones.
Reminder: Don't forget to download and/or print, then sign and witness your updated will for the changes to be legally valid.