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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 ...
The contingent beneficiary comes into play only when the primary beneficiary can’t receive the death benefit. Understanding the contingent beneficiary meaning is important, as there are several ...
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 ...
This is where contingent beneficiaries come in. The death proceeds from life insurance policies can have multiple uses, such as paying funeral costs, paying off debt, completing mortgage payments ...
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 trust law, a beneficiary (also known by the Law French terms cestui que use and cestui que trust), is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person , but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in ...
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 payout.
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 ...