2 Answers

You would actually need to designate the names of your beneficiaries in the event you die.  Beneficiaries can be any one you'd like to designate to take over the ownership of your properties such as a house, stocks, bonds, annuities,IRA's, Roth IRA's, etc. 

Please be detailed when you provide information regarding your beneficiaries.  You should have the D.O.B. (date of birth), social security number, relationship to you, and the full legal name and address.  Just putting the legal name alone is not enough.  Why?  George Foreman has 5 sons and all of them have the name "George Foreman."   It'd be a mess if the older George Foreman died and left the estate solely to a "George Foreman."

Make it easy for your loved ones to make the determination as to who the assets of the deceased should go to.

Without naming the beneficiaries, the estate would go through probate and God only knows how the judge would determine who the next of kin is.