Search results
Results From The WOW.Com Content Network
A contingent beneficiary, often called a secondary beneficiary, is a backup to your primary beneficiary in your life insurance policy. The contingent beneficiary comes into play only when the ...
A contingent beneficiary is someone who benefits from a contingent contract; they profit from a promise, which may or may be fulfilled, to do or abstain from doing a certain thing. This matter itself is realized only on the happening of some future uncertain event.
In property law of the United Kingdom and the United States and other common law countries, a remainder is a future interest given to a person (who is referred to as the transferee or remainderman) that is capable of becoming possessory upon the natural end of a prior estate created by the same instrument. [1]
A contingent remainder is created when a remainder cannot fully vest at the time of granting. This normally occurs in two situations: This normally occurs in two situations: when the property can't vest because the beneficiary is unknown (for example, if the beneficiary is a class subject to open), or
A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
Contingent beneficiaries: These are the backup beneficiaries. If the primary beneficiary is no longer alive or unable to receive the money, the contingent beneficiary steps in to receive the payout.
In common law countries a remainderman is a person who inherits or is entitled to inherit property upon the termination of the estate of the former owner. [1] Usually, this occurs due to the death or termination of the former owner's life estate, but this can also occur due to a specific notation in a trust passing ownership from one person to another.
This is where contingent beneficiaries come in. The death proceeds from life insurance policies can have multiple uses, such as paying funeral costs, paying off debt, completing mortgage payments ...