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Remember the following when completing your Beneficiary Designation form: Clearly identify your beneficiary(ies), providing each beneficiary's full name, date of birth, Social Security number, address, and relationship to you. You can name primary and contingent beneficiaries.

A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.

A primary beneficiary is the person (or people or organizations) you name to receive your stuff when you die. A contingent beneficiary is second in line to receive your assets in case the primary beneficiary passes away. And a residuary beneficiary gets any property that isn't specifically left to another beneficiary.

A beneficiary designation is the act of naming the person who will inherit an asset in the event of the account owner's passing. Some common examples include life insurance policies and retirement accounts. When the account owner passes away, their assets are then transferred to the beneficiary that they designated.

Remember the following when completing your Beneficiary Designation form: Clearly identify your beneficiary(ies), providing each beneficiary's full name, date of birth, Social Security number, address, and relationship to you. You can name primary and contingent beneficiaries.

spouse, partner, children, parents, brothers and sisters, business partner, key employee, trust and charitable organization.

What Is a Designated Beneficiary? A designated beneficiary is a person who has been named to inherit an asset such as the balance of an individual retirement account (IRA), annuity, or life insurance policy after the death of the asset's owner. It is also known as a named beneficiary.

An account with a named beneficiary is a payable-on-death (POD) account. Your financial institution can give you a form for each account. The person you choose to inherit your account is a beneficiary. After your death, the account beneficiary can immediately claim ownership.