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WILLS - GLOSSARY OF TERMS BENEFICIARY - A person named to receive property or other benefits CODICIL A supplement or an addition.
spouse, partner, children, parents, brothers and sisters, business partner, key employee, trust and charitable organization.
Designated Beneficiary Agreements allows two unmarried people to affirm in writing that they want each other to have legal rights, benefits, and protections to make certain decisions about each others health care and estate administration as well as treatment in medical emergencies, during incapacity, and at death.
A secondary or contingent beneficiary is a person or entity designated to inherit assets if the primary beneficiary predeceases the grantor. In some instances, a secondary beneficiary may inherit the assets if the primary beneficiary disclaims their inheritance or is incapacitated.
Primary and contingent beneficiaries A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy typically your spouse, children or other family members.
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Types of Beneficiaries Primary Beneficiary: A primary beneficiary is the person or organization named as the first one to receive the death benefits from an asset. Contingent Beneficiary: A contingent beneficiary is named as the second in line to receive benefits.
Can I Have Two Primary Beneficiaries? Yes, you can have more than one primary beneficiary. Also called co-beneficiaries, these multiple primary beneficiaries will share your death benefit equally or receive the sum based on a predetermined percentage.
Your beneficiary can be a person, a charity, a trust, or your estate.
The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary cant be found. If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate.
A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isnt specifically left to another beneficiary.

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