Alternate Beneficiary
A person or entity designated to receive the property intended for a primary beneficiary, in the event that the primary beneficiary is not qualified to receive the property.
If the primary beneficiary is qualified to take the intended property, the alternate beneficiary does not receive any of that property. Alternate beneficiaries are typically discussed with wills, trusts, and life insurance.
Also known as a "contingent beneficiary."
A person or entity designated to receive the property intended for a primary beneficiary, in the event that the primary beneficiary is not qualified to receive the property.
If the primary beneficiary is qualified to take the intended property, the alternate beneficiary does not receive any of that property. Alternate beneficiaries are typically discussed with wills, trusts, and life insurance.
Also known as a "contingent beneficiary."