What is a Beneficiary

What is a Beneficiary: Trust Advice

Beneficiaries do not have to be individual people, they can be groups of people, charities, children and grandchildren.

Also, you do not have to name each beneficiary, it can be done more widely such as 'to my daughters'.

Flexible trusts:

With some types of trust there is enough flexibility for you to be able to change your beneficiaries or the groups of beneficiary.  

It is just like football

Think of this like being a football manager.  You choose your squad of players.  You then select specific players for a particular game.  You can then select different players for the next game.

For the trust, you can select your squad, for example: "my family".  You then select your specifically named beneficiaries e.g. "my daughter Ethel and my son Charles".  If you change your mind and fall out with Charles you can name another person within the definition of "my family" to replace him.