A contingent beneficiary is someone who inherits either if the primary beneficiary cannot, or if certain conditions have been fulfilled. To put it into an example, if you decide to leave your house to your three children, you may place the eldest as the primary beneficiary of the house and name your second child as …
Beneficiary designation exists for vehicles, bank accounts, and smaller properties, but they are most utilized in retirement accounts and life insurance policies. A beneficiary designation provides the basis for an immediate transfer of any assets to that beneficiary upon the original owner’s death. Beneficiary designations bypass the probate process and are subject to unique federal …
Your last will and testament is a document designed to give certain courts and your family directions on how you would like your estate to be distributed in the event of your passing. It gives you the power to determine what will finally happen with your property when you are gone, giving you one final …