Who should I name as a beneficiary?

Quick Answer:

A beneficiary is the person or people who will receive your assets or insurance payouts after you pass away. You can name anyone — but make sure it’s someone you trust.

Full Explanation

Types of Beneficiaries

• Primary: Gets the assets first
• Contingent: Backup if the primary has passed
• Per Stirpes: If a beneficiary dies, their share passes to their heirs

People You Might Choose

• Spouse or partner
• Children
• Siblings or parents
• Charities or organizations

What to Consider

• Is the person financially responsible?
• Are they over 18?
• Will they need help managing the money?

Hoovalu Tip

You can list and document your beneficiaries inside your Vault — and even leave private notes for them.

From the Hoovalu team · hoovalu.com