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A beneficiary is a person or entity designated to receive property from another individual. This property may be a monetary benefit received as an inheritance.
A primary beneficiary is the first person or entity you want to inherit the asset. A contingent beneficiary is a backup in case the primary beneficiary is deceased, unavailable, or declines to accept what they've inherited. In other words, if a primary beneficiary accepts assets when you pass away, nothing goes to the contingent beneficiary.
There are three types of beneficiaries: primary, contingent and residuary.Don't worry, we'll explain. 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 ...
beneficiary A beneficiary is an individual who receives benefits from a transaction via a contract (such as an insurance policy ), a will , or trust . Wills and Trusts: A beneficiary is an individual named in a will , revocable trust , or irrevocable trust to receive property from a testator or grantor .
Primary Beneficiary: A primary beneficiary is the person or organization named as the first one to receive the death benefits from an asset. They can be named in a Will or Trust, or as we noted earlier, identified on a policy or account. Contingent Beneficiary: A contingent beneficiary is named as the "second in line" to receive benefits ...
If something happens to your primary beneficiary before they receive your assets, the benefits will instead go to a "contingent" beneficiary or beneficiaries. For example, your spouse might be listed as your first beneficiary, and your children as contingent beneficiaries. This way, they get your assets if your spouse dies first.
Beneficiary Designations in Estate Planning Documents Last Will and Testament. A Last Will and Testament is a legal document that outlines an individual's wishes for the distribution of their assets after death. Beneficiaries can be designated to receive specific assets (testamentary gifts) or a portion of the remaining estate (residuary estate
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
When you draft a will or a legal contract or set up a financial account (such as a bank account, insurance policy or retirement plan), you're usually required to designate a beneficiary. The beneficiary you name will inherit your assets in the event of your passing. Understanding the beneficiary process and choosing the right beneficiary is a critical step in planning your estate.
A beneficiary may be specified, either by name, or by class, such as "children of the insured." When naming a class of people as life insurance beneficiary, additional clarification may be needed. For example, Thomas intends to leave his $500,000 life insurance policy to his children. He has been married twice, however, and has two ...