One of the better ways to guarantee your assets are overseen in accordance with your wishes is to name both a primary and a contingent beneficiary. Understand the difference between them so you can make an educated decision.<\/p>\n
When establishing a life insurance policy, living trust, or, retirement accounts you should designate a primary beneficiary, or the first individual or organization in line to get those assets following your passing. In the event that individual passes away before you or is unable to be located to receive the assets, you should also designate a contingent beneficiary, or next individual or organization in line. By doing this, you can prevent the potential that your assets will go into probate, which can become more expensive for your estate and postpone distribution of the inheritance to your heirs.<\/p>\n