When opening new accounts or estate planning, an essential consideration is who will be listed as the primary beneficiary and the contingent beneficiary to ensure that your assets are distributed ...

but what happens if the primary beneficiary has already passed away? That’s when you need a contingent beneficiary, sometimes called the secondary beneficiary. You can have one or more primary ...

A primary beneficiary is your first choice to receive an asset. You may also be asked to name a contingent beneficiary, in case the primary is deceased or otherwise unable to receive it.

In general, there are two types of beneficiaries: a primary beneficiary and a contingent beneficiary. Here’s the difference: A primary beneficiary is first in line to receive any distributions ...

In In re Est., the court of appeals dealt with whether a contingent beneficiary can file claims against a trustee. No. 02-23-00104-CV, 2024 Tex. App. LEXIS 1878 (Tex. App.—Fort Worth March 14 ...

When setting up your 401(k), you’re typically asked to name: Primary Beneficiary – The first in line to receive your 401(k) funds. Contingent Beneficiary – The backup recipient, in case your primary ...

You can also designate your minor children as contingent beneficiaries in case you and your spouse both die before your kids reach adulthood. A contingent beneficiary is a backup recipient who ...

After selecting a primary beneficiary, your next step is to set up contingent beneficiaries. Married with kids? Your contingent beneficiaries might be your children. If you’re not married or you ...

“Contingent beneficiaries are also important as they will receive the account if the primary (beneficiary) is deceased.” When minors or young adults are potential beneficiaries, proper trust ...