Who can be a beneficiary?
Almost anyone — a spouse, partner, children (including future children), other relatives, friends, or even a registered charity. Beneficiaries can be named individually or described as a class (e.g. "my children").
Shares and contingency
Most clients split proceeds by percentage (say 50% / 50% between two children). Always add a contingent beneficiary so someone else receives a share if the primary beneficiary can't.
Children under 18
If beneficiaries are under 18, the trust structure decides how and when they can access the money. Discretionary trusts give the trustees flexibility to time payments sensibly.
Keeping it up to date
Marriage, divorce, new children and other life events are all good prompts to review your nomination. Complete a new beneficiary nomination form any time your wishes change — we'll take care of the rest.
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