An ultimate beneficiary is a "catch all" bucket for any gift that has completely lapsed (for example, if there is no contingent beneficiary named or if all possible beneficiaries are deceased when the testator/trustor dies.
In the event all contingencies 'lapse' (meaning none of the contingent beneficiaries survive), we provide the ability to name an ultimate beneficiary as a 'catch all' to receive the gift to avoid default state law. If no ultimate beneficiary is selected, our documents direct the estate fiduciary to follow the default laws in the member's home state.
How to add an Ultimate Beneficiary
Navigate to the Distributing Assets Panel and select the Ultimate Beneficiary section
Select Yes to include this in your document
On the following page, You can select one of 3 options here:
Redistribute this person's share to my other named beneficiaries
Pass this person's share to their descendants
Name a contingent beneficiary for this person's share
By selecting this option, you open up the ability to select or create a contact to include here. Click on the box Search in contacts or create to choose a contact from the list you have already created or create a new one.
