The major objective of having a Will is to name the people, known as?beneficiaries,? who will inherit your property after your death.
The main reason for having a final will and testament is to name the people, known as “beneficiaries,” who will get your property when you die. Beneficiaries are often family members and acquaintances. They may also be charity trusts or organizations.
Unless your designations of the life insurance proceeds are specifically designed to cause the proceeds to flow through your last will, your last will does not control the distribution of your life insurance, retirement plans, and trusts—basically, the types of assets that are paid in accordance with beneficiary designation forms.
If you die without a will, state law determines who inherits your possessions. In general, this implies that your property will be distributed to your heirs and spouse. (if you have one). Depending on your circumstances, state law may force you to transfer your property to the following people:
