A life estate is a property, usually a residence, that an individual owns and may use for the duration of their lifetime. This person is called the life tenant and shares ownership of the property with a second person. The second person is referred to as theremaindermanand automatically rec...
The primary beneficiary is the first choice of beneficiary made by a financial account owner. While other beneficiaries also may be listed in account or estate documents, this person or organization will receive all of the assets in an account. Contingent A contingent beneficiary is a secondary be...
Estate planning is the process of documenting your wishes and how you want them to be carried out following your death. It’s an essential part of your end-of-life plan. Still, many people aren’t sure what an estate plan entails or why it’s so important. In this guide, we’ll exp...
What does it mean to be a life insurance beneficiary? A life insurance beneficiary is generally a person (although it can sometimes be a trust, estate or charity) who has been selected by the owner of a life insurance policy to receive the money from that policy (also known as the "...
s death benefit if the primary beneficiary is unable to do so. This could occur if the primary beneficiary predeceases the policyholder or is unable to receive the proceeds for any other reason. Understanding the role of a contingent beneficiary is vital when developing your life insurance plan...
When purchasing a life insurance policy, one of the crucial decisions to make is designating beneficiaries. Most people are familiar with the concept of a primary beneficiary, who is the person or entity that will receive the policy’s death benefit. However, there is another important designation...
the goal of ensuring that their money continues to do good after they die. During life, many benefactors set up trusts with named beneficiaries, providing financial assistance through the trust and making arrangements which will allow control of the trust to roll over to the beneficiary after ...
Check your designations: Review your beneficiary selections for any savings accounts, investment accounts, retirement accounts, and life insurance policies. Update as needed. Analyze your options: Talk about possible strategies with a professional advisor or an estate planner. Put your plan into place...
What happens when a life insurance beneficiary dies? Life insurance policieswork by providing adeath benefitto the named beneficiary when the insured passes away. The policy owner, who is often the insured, chooses who the primary beneficiary or beneficiaries will be. These individuals receive the ...
If you plan to pass your estate to a single beneficiary—a spouse, for example—the process is relatively straightforward. But be sure to have an alternate (“contingent beneficiary”) in case your beneficiary precedes you in death. For example, if you have a spouse and three children, you...