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Alternate beneficiary - a quick tutorial

What is an alternate beneficiary?

Akosha Team

on 9 October 2010

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Transcript of Alternate beneficiary - a quick tutorial

aged 53 years,
you have two sons - Ashok and Vinod Prem Kumar Alternate beneficiaries are persons who will get the asset ONLY if the main
beneficiary dies BEFORE your death. Say you are: What is an alternate beneficiary? Let's explain this using an example. You own a house in Mumbai
and you would like to give 50% each to Ashok and Vinod House Vinod Ashok 50% 50% If Ashok dies before you this 50% allocation will NOT take effect Therefore, it is important to mention
an alternate beneficiary. Let us assume you decide that
if Ashok dies before you, his share
should go to Lata, his wife (75%) and Prema,
his daughter (your grand-daughter) (25%).
Similarly, Vinod's share (100%) would go to Mohit, his son, if he dies before you. House Vinod Ashok 50% 50% Lata Prema 75% 25% Mohit 100% Note:
If Ashok survives you, he will get his 50% share.
His 50% share will be allocated as per
his Will (and not by your alternate
beneficiary allocation). Still not clear?

Mail us at support@akosha.in or
call us on +91 8800 555 996.
We are there to clear your doubts.
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