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An executor manages a deceased person's estate and a beneficiary is an individual who will inherit that property.

Naming your estate as a beneficiary can feel more straightforward than naming specific beneficiaries for your major assets, but it has significant downsides. If you name your estate as a beneficiary, the assets in your estate must pass through probate before distribution. This could take a year or longer.

A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.

Cons of Naming a Trust as Beneficiary of a Retirement Account. The primary disadvantage of naming a trust as beneficiary is that the retirement plan's assets will be subjected to required minimum distribution payouts, which are calculated based on the life expectancy of the oldest beneficiary.

If you do not want to name an individual or entity as your beneficiary, you can name your own estate. The proceeds will then be distributed with your other assets ing to your will. You should note, however, that naming your estate as beneficiary may have disadvantages.

An executor manages a deceased person's estate and a beneficiary is an individual who will inherit that property.

Naming an estate as beneficiary is sometimes done to help pay estate taxes and other estate settlement costs. After taxes and settlement costs, any remaining proceeds are then distributed to heirs ing to the terms of your will. If you don't have a will, state laws dictate distribution of life insurance proceeds.

A sole beneficiary is a single person or entity that's designated to receive assets. For example, say you're unmarried with no children. You want to leave all of your assets to your oldest sibling. You could write a will naming them as your sole beneficiary.