Retirement PlanningCoverdell Education Savings Account Matching Contributions Cash Balance Plan Definition Excess Contribution Tax-Free Suitability Standard
Contingent Beneficiary Definition
A contingent beneficiary is someone who is next in line to receive assets such as a life insurance policy, retirement plan, or annuity. While spouses are typically designated as primary beneficiaries, in the event of their simultaneous death, children or trusts acting on behalf of minor children may become contingent beneficiaries. Unlike assets passing through a will, contingent beneficiaries receive their share directly and without going through probate court. However, it is important for account holders to regularly review and update their beneficiary arrangements to ensure their wishes are accurately reflected.
Related terms
Understand the meaning and definition of Coverdell Education Savings Account in the context of stock market, trading, and investments.
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MOREUnderstand the meaning and definition of Cash Balance Plan Definition in the context of stock market, trading, and investments.
MOREUnderstand the meaning and definition of Excess Contribution in the context of stock market, trading, and investments.
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MOREUnderstand the meaning and definition of Suitability Standard in the context of stock market, trading, and investments.
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