Named Beneficiary

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What is 'Named Beneficiary'

This term refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts, IRAs, or any other instrument, to whom benefits are paid. Named beneficiaries are the beneficial owners of the property and will share in the proceeds at the time of disposition. In an annuity policy, for example, the policyholder and the named beneficiary may be the same person.

Explaining 'Named Beneficiary'

Beneficiary designations can be complex. For example, by naming a specific beneficiary in a life insurance policy, the proceeds of the insurance policy will not be subject to the will or to probate and will pass directly to the named beneficiary. There are many different kinds of beneficiaries, such as primary or contingent beneficiaries, and the named beneficiary need not be an individual. A named beneficiary of an insurance policy, for example, can be the estate of the deceased, in which case the actual beneficiaries will be designated in the will.

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Q&A About Named Beneficiary

Can the same person be both the owner of an annuity and its beneficiary?

Yes.

What is a named beneficiary?

A named beneficiary is any person or entity that receives benefits from an insurance policy, pension plan account, IRA, trust, or will.

Who can be a named beneficiary?

The named beneficiary can be any individual or entity.

How does naming contingent beneficiaries affect inheritance in wills and trusts?

If there are no primary beneficiaries, then contingent beneficiaries receive inheritances instead.

What is a beneficiary?

A beneficiary is a person who receives money or other benefits from the owner of an insurance policy.

Are there any restrictions that can be used by a benefactor to attempt to control behavior of beneficiaries?

Yes, there can be many restrictions that can be used by a benefactor to attempt to control behavior of beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of primary and contingent beneficiaries but trusts allow any restrictions that are not illegal or for an illegal purpose.

How does naming a specific primary beneficiary affect the proceeds of life insurance policies?

Proceeds from life insurance policies are not subject to probate when they go directly to the designated beneficiaries.

Who are beneficiaries most commonly designed to designate where assets will go when the owner(s) dies?

Beneficiaries are often designed to designate where assets will go when the owner(s) dies. However, if the primary beneficiaries or contingent beneficiaries are not alive or do not qualify under restrictions, then assets will probably pass to the other contingent beneficiaries.

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