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Beneficiary definition in finance. ... A contingent beneficiary receives a benefit if one or more of the primary beneficiaries is unable to collect (perhaps because of death). In the event that a ...
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.
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 ...
Contingent beneficiary: A contingent beneficiary receives your death benefits if the primary beneficiary dies before funds are disbursed. The contingent beneficiary will also receive the payout if ...
beneficiaries under a bare trust (including a constructive or resulting trust), to whom the trustee owes basic duties arising by law; and; beneficiaries under an express trust (either an inter vivos trust or a testamentary trust), where the trustee owes additional duties and has additional powers specified by the trust instrument.
It’s important to note that a primary beneficiary can also be an irrevocable beneficiary, meaning the policyholder locks in their rights to the death benefit. These are not mutually exclusive ...
A dependant (US spelling: dependent) is a person who relies on another as a primary source of income. A common-law spouse who is financially supported by their partner may also be included in this definition. [1] In some jurisdictions, supporting a dependant may enable the provider to claim a tax deduction.
For instance, you can buy a house or set up a savings account without … Continue reading → The post Differences of Beneficiary Designations vs. Wills appeared first on SmartAsset Blog.