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If a divorce revokes the beneficiary’s rights: For example, if your ex-spouse was named as a primary beneficiary but a divorce legally revokes their rights, the contingent would step in.
Contingent beneficiaries: ... beneficiary C’s children would inherit the $100,000 that was originally meant for C. If C has two children, they would each receive $50,000, while beneficiaries A ...
A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
A contingent beneficiary is someone who benefits from a contingent contract; they profit from a promise, which may or may be fulfilled, to do or abstain from doing a ...
If the beneficiary of the remainder cannot yet be known, then the remainder is said not to have vested, and the remainder is said to be contingent. This may happen with entailed estates , or when property is left in trust to care for a child or relative without heirs.
If a contingent beneficiary is not named, the default provision in the contract or custodian-agreement applies. Death: For retirement plan assets, at the account owner's death, the primary beneficiary may select his or her own beneficiaries if the remaining balance will be paid out over time. There is no obligation to retain the contingent ...
In addition to naming a primary or sole beneficiary, you are likely to be asked to name one or more contingent beneficiaries.These backup beneficiaries will come into play in the event the primary ...
The Uniform Simultaneous Death Act is a uniform act enacted in some U.S. states to alleviate the problem of simultaneous death in determining inheritance.. The Act specifies that, if two or more people die within 120 hours of one another, and no will or other document provides for this situation explicitly, each is considered to have predeceased the others.