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In terms of what a life insurance beneficiary is, there are two main types: primary and contingent, both of which can be revocable or irrevocable in nature. Primary beneficiary: ...
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 ...
Set up your life insurance right by understanding the role of contingent beneficiaries.
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.
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 ...
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]
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 ...