Business, Legal & Accounting Glossary
n. a person or entity named to receive a gift under the terms of a will, trust or insurance policy, who will only receive that gift if a certain event occurs or a certain set of circumstances happen. Examples: surviving another beneficiary, still being married to the same spouse, having completed college, or being certified as having shaken his/her drug habit.
For example, if Fred is entitled to take property under a will only if he’s married at the time of the will maker’s death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.
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This glossary post was last updated: 27th April, 2020 | 0 Views.