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