You can name as few or as many beneficiaries as you like, there is no set formula, it is your wishes that are paramount!
A typical distribution of estate assets by a husband and wife (married for the first time) with 2 children.
Each spouse leaves everything to the other spouse, but if both spouses die (i.e.: car accident), all assets are left to the children in equal shares. The assets are held in trust for the children until they reach the age specified by you (i.e. age 21). Until such age, the Executor(s)/Trustee(s) (named by you) can use funds for the education, health and welfare of children.
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