For an insurance policy and/or retirement benefits it goes to the beneficiary designated.
For a will, there could be grounds to contest it.
If the first person who is listed as the beneficiary does not want the payment it will go to the second person listed. If there is no second person listed it will go to the spouse.
If no beneficiary is listed on a life insurance policy then the benefits are payable to the insured's estate. The beneficiary can be changed at any time prior to the death of the insured if this is the person's desire.
A person listed as a beneficiary is the receiver of any proceeds from an insurance policy. They are normally named in the policy document or can be named in a will.
the beneficiary in a trust is the person whom benefits from that which is held in trust.
Legally and contractually the named beneficiary is the beneficiary.
A beneficiary is someone from whom someone else knowingly benefits.
A secondary beneficiary is a person who would receive the benefits of a life insurance policy or retirement plan in the event that the insured person dies and the primary beneficiary has also passed away. Then, the secondary beneficiary would receive the benefits.
Beneficiary means "one who benefits." In other words, it refers to a person who is being given something in the will.
The beneficiary benefits financially from the life insurance policy by receiving the proceeds of the policy. The beneficiary is the person(s) or entity who is designated by the insured person to receive the proceeds from the life insurance policy upon the death of the insured person. The insured person also benefits from knowing (peac eof mind) they have secured financial protection for the beneficiary in case the insured person dies.
recepient of funds or other benefits is called beneficiary. but a person who holds asset to be a beneficiary is called fudiciary. 1 fudiciary--------->beneficiary | | |0 | -------->loss
When referring to life insurance, a beneficiary is a person specified by the contract holder. This beneficiary will receive the benefits if the primary beneficiary has died at the time the benefit is to be paid.
If there is a policy on your life the person currently listed as the beneficiary will be paid upon your death. The person listed as the owner of the policy is the only one who has the right to change the beneficiary. Usually the owner and insured are the same person but not always. You may wish to check on this and change the beneficiary if your situation has changed.