What Is a Contingent Will?

A contingent will is a type of legal document used to name beneficiaries who will receive assets upon an individual’s death. It is different than a last will and testament because it does not take effect until a certain event occurs. The event specifies in the will can be whatever the maker of the will decides.

How Does a Contingent Will Work?

For example, let’s say John wrote a contingent will and specified that his son, David, would receive his assets only if John passed away before the age of 65. In this case, David would have to wait until John turned 65 for the will to be effective and the assets to pass to him. The same concept applies to any other conditions outlined in the contingent will.

What Are Some Examples of Contingent Wills?

Contingent wills can be used to protect assets and can also be used to ensure that property or other assets pass to people as intended. Some examples of contingencies in a will could include:

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• Distribution of assets to a beneficiary upon marriage or divorce
• Distribution of assets to a beneficiary upon the death of a specific individual
• Distribution of assets to multiple beneficiaries upon the death of a certain age or over a certain amount of time
• Distribution of certain assets only after a business is sold or dissolved

Why Should I Have a Contingent Will?

There are several reasons why it might be smart to have a contingent will in place. It can be used to protect assets and plan for future events or circumstances. It can also be used to manage assets upon an individual’s death in a way that satisfies their wishes. Additionally, a contingent will can help ensure that assets are passed to intended beneficiaries.

Creating a contingent will allows individuals to specify the exact conditions for passing on assets and also protects their interests and those of the beneficiaries in the event of unexpected circumstances. It is an important and necessary part of estate planning.

Related Legal Concepts

Understanding contingent wills often goes hand in hand with last will and testament documents, as both serve different purposes in estate planning. Like other specialized testamentary instruments such as holographic will and nuncupative will, contingent wills must meet specific legal requirements to be valid. The concept of contingent beneficiary is closely related, as these wills designate individuals who receive assets only when certain conditions are met, and may involve contingent interest in property that depends on future events occurring.

The Bottom Line

A contingent will serves as a specialized estate planning tool that allows individuals to control asset distribution based on specific future events or circumstances. This type of testamentary document provides flexibility in estate planning by ensuring assets transfer to intended recipients only when predetermined conditions are satisfied. For guidance specific to your situation, always consult a qualified, licensed attorney.