Words related to beneficiary heir , recipient , assignee , devisee , donee , grantee , heiress , inheritor , legatee , payee , possessor , receiver , stipendiary , successor. Dubner September 3, Freakonomics. Traditional media suffer as digital ad spend grows in forecast shows Greg Sterling September 2, Search Engine Land. Who Should Kill? The Women of Tomorrow William Hard. The primary beneficiary gets the death benefits if he or she can be found after your death.
If no primary or contingent beneficiaries can be found, the death benefit will be paid to your estate. As part of naming beneficiaries, you should identify them as clearly as possible and include their social security numbers. Retirement Planning Estate Planning. What Is a Beneficiary? Key Takeaways A beneficiary is an individual who receives a benefit, which is typically a monetary advantage.
The distributions typically come with tax consequences and sometimes various stipulations. If the distribution is in the form of a retirement account, then there are many factors to consider, such as time frame and distribution amounts, depending on the type of account.
The owner of a life insurance policy can change the beneficiary at any time, though doing so typically requires completing the necessary paperwork with the life insurance company.
Important If you have been designated as the beneficiary of a nonqualified annuity, consider talking to an accountant or other tax professional about the potential tax implications. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace.
An irrevocable beneficiary has guaranteed rights to assets in an insurance policy or a segregated fund. Understanding Death Benefits A death benefit is a payout to the beneficiary of a life insurance policy, annuity or pension when the insured or annuitant dies. Beneficiary Clause A beneficiary clause permits an investment vehicle policy owner to name individuals as primary and secondary beneficiaries.
What Is an Account in Trust? An account in trust is a type of financial account opened by one person for the benefit of another. What Is a Testamentary Trust? A testamentary trust is a legal entity that manages the assets of a deceased person in accordance with instructions in the person's will. An Extended IRA allowed a second-generation beneficiary to withdraw assets at a rate based on the life expectancy of the first-generation beneficiary.
English Language Learners Definition of beneficiary. Kids Definition of beneficiary. Legal Definition of beneficiary. Industrial Indem. Get Word of the Day daily email! Test Your Vocabulary. Test your vocabulary with our question quiz! Love words? Need even more definitions? Homophones, Homographs, and Homonyms The same, but different. Merriam-Webster's Words of the Week - Nov. Ask the Editors 'Everyday' vs.
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