Alternate Beneficiary
Categories: Insurance, Trusts and Estates
When you write a will, the beneficiary is the person who will receive your stuff when you die. ("Beneficiary" as in they will benefit by getting your stuff, though we're sure they will also be really sad that you had to die for them to get it.)
However, sometimes a beneficiary will turn down an inheritance for some reason. Maybe they just don't want your extensive collection of commemorative hubcaps ("Remember the Alamo every time you drive, with our Jim Bowie and William Travis decorative rims!"). Since you won't be around to pick someone else (remember: you're dead in this scenario), your will better have an alternate beneficiary listed.
This also comes up on insurance policies. Your main beneficiary might not be around when your life insurance policy pays off (this definition has turned out kinda morbid). If not, the policy would revert to whoever you have listed as an alternate beneficiary.
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Finance: What is a Beneficiary?25 Views
Finance a la shmoop.. what is a beneficiary? well in Latin, bene is
good so this is like a good place to catch fish...well close not [Old man fishing in the ocean]
really but being a beneficiary is good it means you get stuff like if you are
the beneficiary of weird uncle Al's will then you get his odd collection of hair
balls shaped like US presidents and thirty two thousand two hundred sixty [Uncle Al's will appears]
$9.32... in essence then you are the beneficiary of his will you are the one
set up to benefit by the death of someone who wanted to favor you with
their assets when they had you know passed on to the great beyond where hair [Uncle Al with white wings in heaven]
balls will fall....