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Your primary beneficiary is first in line to receive your death benefit. If the primary beneficiary dies before you, a secondary or contingent beneficiary is the next in line. Some people also designate a final beneficiary in the event the primary and secondary beneficiaries die before they do.
If you're not married, you'll still want to list a beneficiary in your will. This could be anyone from a close relative to a charity that is close to your heart.
Unless a valid beneficiary designation is in effect at the time of death, benefits are paid to the closest surviving family members in the following order: Spouse or registered domestic partner. Children (natural or adopted) Parents.
A beneficiary is someone you assign as the inheritor of particular assets, including bank accounts. Regardless of whether there's a will and what's in the will, the beneficiary automatically inherits the designated account's funds upon the signer's death.
The financial institution must be notified upon the death of the account holder. If the account is under the sole name of the deceased then the financial institution will convert it to an estate account.

People also ask

There are two types of beneficiaries: primary and contingent. A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy \u2014 typically your spouse, children or other family members.
In most of Canada, you can designate a beneficiary for insurance policies, annuities, registered pension plans, and registered accounts like an RRSP, TFSA, or Registered Retirement Income Fund (RRIF) when you open the policy or account. (Note that in Quebec, beneficiaries can only be named in wills.)
Who can be a beneficiary? You can name your spouse, children, dependants, another family member, a friend or a charity as a beneficiary. If you name more than one beneficiary, the insurance company will divide the death benefit between them.
There are different types of beneficiaries; Irrevocable, Revocable and Contingent.
There are different types of beneficiaries; Irrevocable, Revocable and Contingent.

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