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An important part of estate planning is deciding who will get your assets when you pass away. This means naming primary and contingent beneficiaries on important accounts such as your life ...
A contingent beneficiary, often called a secondary beneficiary, is a backup to your primary beneficiary in your life insurance policy. The contingent beneficiary comes into play only when the ...
This is an especially common choice for contingent or secondary beneficiaries — in the event your primary beneficiary dies before you do or does not accept the death benefit, there would be an ...
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 certain thing. This matter itself is realized only on the happening of some future uncertain event.
Contingent beneficiary: If the primary beneficiary predeceases the contract owner, the contingent beneficiary becomes the designated beneficiary. 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 ...
Contingent beneficiaries: These are the backup beneficiaries. If the primary beneficiary is no longer alive or unable to receive the money, the contingent beneficiary steps in to receive the ...
In trust law, beneficiaries are also known as cestui que use. Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, the assets will probably pass to the contingent beneficiaries. [1]
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 ...