Does a Beneficiary Always Have to be a Person?
No. Sometimes people want to leave things to charities or other organizations.
When most people think of a beneficiary in their minds, they picture a person. Oftentimes this will be a family member or loved one. But beneficiaries can also be organizations that are legally recognized entities. This list is not exhaustive and is not meant to taken as complete, but some examples might include:
- Charities
- Places of worship
- One's alma mater (the school they attended)
- Any organization with a 501 (c) (3) registration
- Even a company (legally registered)
- And of course. individual people
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