contingent beneficiary

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contingent beneficiary

n. a person or entity named to receive a gift under the terms of a will, trust or insurance policy, who will only receive that gift if a certain event occurs or a certain set of circumstances happen. Examples: surviving another beneficiary, still being married to the same spouse, having completed college, or being certified as having shaken his/her drug habit. (See: contingent, contingent interest)

References in periodicals archive ?
In general, naming the surviving spouse as beneficiary (with disclaimer as an option in favor of contingent beneficiaries such as a trust that has credit shelter and qualified terminable interest property (QTIP) provisions) is an advantageous selection for several reasons.
Insurers will pay most larger amounts according to the policy provisions that specify the recipient when no beneficiary has been designated (or where all primary and contingent beneficiaries predecease the insured).
47) For example, contingent beneficiaries of the first trust may be named as primary beneficiaries in the second trust.
Naming contingent beneficiaries One or more persons/charities/ Contingent beneficiaries may be institutions may be named to named (to receive funds after any receive any remaining trust funds required Medicaid payback).
Beneficiary designations should be part of a consistent review process, and this is true for primary beneficiaries and contingent beneficiaries," says Cambier.
In addition, the IRS will likely challenge exclusions for powers held by contingent beneficiaries.
Zulkiewski and Sharon Zulkiewski, as the contingent beneficiaries.
Ensure both primary and contingent beneficiaries are assigned to your retirement accounts.
Letting clients name minor children outright as primary or contingent beneficiaries of life insurance or retirement plans.
First, Jim can create a trust that names Helen as beneficiary, with Jack and Mary named as contingent beneficiaries who will receive the assets upon Helen's death.
A client who had remarried since the policy was issued might want to name as a primary beneficiary the second spouse, but keep the children from the first marriage as contingent beneficiaries.
Can life insurance settlements naming the spouse as primary beneficiary and other persons as contingent beneficiaries be so arranged that the proceeds will qualify for the marital deduction?

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