The benefits of naming a secondary beneficiary in a will are It could prevent a will from going into probate, It avoids confusion if the primary beneficiary dies first, It allows for another option if the primary beneficiary cannot inherit.
What are primary beneficiary ?
A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts. A primary beneficiary is the person (or persons) first in line to receive the death benefit from your life insurance policy typically your spouse, children or other family members. A primary beneficiary receives your assets after your death. Your primary beneficiary must survive you or be an existing trust at your death. A contingent beneficiary will inherit your assets only if you have no surviving primary beneficiaries at the time of your death.
What are secondary beneficiary?
A secondary beneficiary is also known as a contingent beneficiary, is a person or entity that inherits assets under a will, trust, or account (e.g., insurance policy or annuity) when the primary beneficiary dies before the grantor. A secondary or contingent beneficiary inherits assets only when meeting certain conditions, such as the death of the primary beneficiary or the primary beneficiary's decision to disclaim their inheritance. If a primary beneficiary cannot be found at the time of the grantor’s death, the assets could pass to the secondary beneficiary. The requirements and time to locate the primary beneficiary vary according to the account or legal document governing the assets.
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