Allocating specific assets and deductions to beneficiaries (706)

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This procedure explains how to allocate specific assets and deductions to beneficiaries on the Beneficiary Asset Reconciliation Worksheet.

To allocate an asset to a single beneficiary:

  1. Click the Beneficiary folder, then click the Names tab.
  2. Enter the beneficiary information under Identify Spouse, Beneficiary, Executor, Representative.
  3. In the Asset folder, under General Information, choose the beneficiaries’ name from the drop-down menu in the Beneficiary / ratio field.

To allocate an asset among multiple beneficiaries:

  1. Click the Beneficiary folder, then click the Names tab and enter beneficiary information under Identify Spouse, Beneficiary, Executor, Representative section.
  2. For each beneficiary, click the Bene tab and create a ratio. The selected beneficiary is listed on the top of the Bene tab.
  3. To access the Bene tab for a different beneficiary, click the Names tab twice, select the appropriate beneficiary, then click the Bene tab again. You can also select a beneficiary from the folders block.
  4. Click the Asset folder, under General Information, choose the beneficiaries’ name from the drop-down menu in the Beneficiary / ratio field.

Example: If there are 4 beneficiaries that are splitting an asset 25% each, then for the first beneficiary you would go to the Bene tab, select a ratio line, and give that ratio a name. Then enter the percentage as a whole number (25, not 0.25) in the Percentage field. When you go to this screen for the second beneficiary, the ratio will already have the ratio name on the same line. Simply enter the percentage in the Percentage field for this beneficiary and repeat for all beneficiaries.

To allocate deductions to beneficiaries:

  1. Click the Schedule folder, then click the A-L tab.
  2. Select a ratio in the Bene / Ratio column in the statement dialogs for the Expenses and Debts and Losses sections to allocate deductions to beneficiaries.

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