A contingent beneficiary inherits only if the primary beneficiary is deceased, unable to be located, or refuses the inheritance when the proceeds are paid out.
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A beneficiary is someone who receives property left to them by another individual. This is often a monetary benefit received as an inheritance.
A contingent annuitant can be thought of as the second beneficiary of an annuity. Key Takeaways. Annuities are financial products that pay a fixed income stream ...
Sep 15, 2022 · A secondary or contingent beneficiary is a person or entity designated to inherit assets if the primary beneficiary predeceases the grantor. In ...
A contingent liability is a liability that may occur, depending on the outcome of an upcoming event.
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A primary beneficiary is the first person in line to receive distributions from a trust or retirement account such as a 401(k) or IRA.
A named beneficiary is an individual, decreed by a written legal document, who is entitled to collect assets from a trust, insurance policy, pension plan ...
In an insurance policy, an alternate beneficiary is usually a secondary or contingent beneficiary who receives the proceeds if the primary beneficiary has died.
Sep 10, 2022 · If no contingent beneficiary has been assigned, and the primary beneficiary is deceased, the insurance benefit returns to the estate of the ...
Learn about the importance of beneficiary designations in estate planning. Ensure your legacy is preserved by choosing beneficiaries wisely.