Naming contingent beneficiaries is a personal choice. Can a child be a contingent beneficiary? A spouse? A friend? The truth is, you can leave assets to friends, family members, even charities - there really aren’t any rules as to who should benefit from your estate.

Name children in any of these ways as "Contingent beneficiaries;" for example, you may want to name your spouse as the primary beneficiary, but if your spouse passes away before your IRA is transferred, then the assets would go to your children.

Apr 18, 2025 · A contingent beneficiary is a backup inheritor if the primary beneficiary cannot or declines to inherit. You can name multiple contingent beneficiaries for certain accounts, but limits may apply depending on the account type. It’s important to update designations after life events like marriage or divorce to ensure your wishes are followed.

Mar 23, 2021 · Before making any changes, it’s important to understand how primary and contingent beneficiaries work. If you’re married, your spouse is normally your primary beneficiary and your child or...

Jul 31, 2024 · What Is a Contingent Beneficiary? A contingent beneficiary is the designated recipient of an inheritance only if the person named as the primary beneficiary has died, cannot be located, or...

Jan 31, 2025 · A contingent beneficiary is a person or entity (such as a charity) that you designate to receive an asset upon your death if the primary beneficiary has died before you. A contingent beneficiary can also come into play if the primary beneficiary can't be located or refuses to …

Sep 24, 2024 · Contingent beneficiaries are second in line to inherit your assets. Also known as secondary beneficiaries, contingent beneficiaries are often children, other family members, or philanthropic organizations. You can name multiple contingent beneficiaries and divide your estate among them.

Feb 27, 2025 · If a beneficiary is a child under the age of 18, a guardian must be appointed to manage the funds until the minor attains the age of majority. The most typical contingent beneficiaries are members of the immediate family, but close acquaintances and distant relatives are also frequently named.

Mar 23, 2020 · For example, if a grandparent passes away and leaves their entire estate to their surviving child, but that child has also passed away, then that child’s child (the grandparent’s grandchild) would be the contingent beneficiary. This may be dictated by the will or trust, or simply by the state’s probate code and laws of intestate succession.

A contingent beneficiary, also known as a secondary beneficiary, is the backup recipient of an inheritance if the primary beneficiary can’t claim it. They play a vital role in ensuring smooth asset distribution when unexpected events occur.