Irrevocable Beneficiary

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What is an Irrevocable Beneficiary?

Beneficiaries of a life insurance policy that, once they are named, can only be removed with consent from the beneficiary.

A beneficiary designation that cannot be changed or revoked by the policyholder without the consent of the beneficiary. Irrevocable beneficiaries typically appear in insurance policies, retirement accounts, and trusts. Designating an irrevocable beneficiary provides them with a legal claim to the asset upon the policyholder’s death, preventing changes that could affect their inheritance. Understanding the implications of irrevocable beneficiaries is important in estate planning and asset protection strategies.

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