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Designated Beneficiary

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Dictionary Says

Definition of 'Designated Beneficiary'

The person who determines how long the retirement plan will survive as a tax-deferred vehicle under the laws governing certain retirement plans. The designated beneficiary must be a person, or in certain situations, a trust for designated individuals.
Investopedia Says

Investopedia explains 'Designated Beneficiary'

Since 2002, the laws governing the distribution of qualified retirement plan assets have become extremely complex. A designated beneficiary must be a person, not an estate and not a charity, although there are also other less tax-efficient ways of making distributions to entities.

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