Related Definitions
What is a Contingent Beneficiary?
The person, or group of people, who is next in line to receive the proceeds from a life insurance policy or other estate planning vehicle if the primary beneficiary or beneficiaries have passed away.
A secondary beneficiary who is entitled to inherit only if the primary beneficiary is unable or unwilling to accept their inheritance. Contingent beneficiaries serve as a backup, ensuring that the assets are distributed according to the grantor’s wishes even if the primary beneficiary predeceases the grantor or renounces their rights. Understanding the role of contingent beneficiaries is vital for comprehensive estate planning, as it provides flexibility and contingency planning in asset distribution.
Navigating Fiduciary Duties?
Navigating fiduciary duty duties? RMO can help you defend or pursue a claim of breach of fiduciary duty.
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