Named Beneficiary

Dictionary Says

Definition of 'Named Beneficiary'

This term refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts, IRAs, or any other instrument, to whom benefits are paid. Named beneficiaries are the beneficial owners of the property and will share in the proceeds at the time of disposition. In an annuity policy, for example, the policyholder and the named beneficiary may be the same person.
Investopedia Says

Investopedia explains 'Named Beneficiary'

Beneficiary designations can be complex. For example, by naming a specific beneficiary in a life insurance policy, the proceeds of the insurance policy will not be subject to the will or to probate and will pass directly to the named beneficiary. There are many different kinds of beneficiaries, such as primary or contingent beneficiaries, and the named beneficiary need not be an individual. A named beneficiary of an insurance policy, for example, can be the estate of the deceased, in which case the actual beneficiaries will be designated in the will.

Articles Of Interest

  1. What Is A Will And Why Do I Need One?

    Putting this document together will save your family time and money, and give you peace of mind.
  2. Selecting And Managing Insurance Payouts

    Find out which settlement option is right for you before you recieve your funds.
  3. Deciphering Deferred Annuity Designations

    Tax deferred annuities can be complex arrangements. Discover some of the situations that arise when an owner or annuitant dies and how to reduce tax liability if you're the beneficiary.
  4. Why Your Will Should Name Designated Beneficiaries

    Find out how to make the tough decisions when it comes to choosing who will receive your assets and how they will be paid out.
  5. How To Avoid Taxation On Life Insurance Proceeds

    Decrease the value of your taxable estate and prevent the tax man from getting you one last time.
  6. Life Insurance: How To Get the Most Out Of Your Policy

    There are many benefits to owning a life insurance policy - if you get the right one for you.
  7. Why You Should Draft A Will

    Don't trust the courts to follow your wishes - plan the distribution of your own assets.
  8. An Estate Planning Must: Update Your Beneficiaries

    Life changes make it time to rewrite your plan's designations.
  9. Mistakes In Designating A Retirement Beneficiary

    Make sure your beneficiary designations not only reflect your intentions but also meet the requirements to be effective.
  10. Designating A Trust As Retirement Beneficiary

    Designating a trust as your IRA beneficiary can be beneficial, but it requires proper planning to avoid problems.
comments powered by Disqus
Marketplace
Hot Definitions
  1. Network Effect

    A phenomenon whereby a good or service becomes more valuable when more people use it. The internet is a good example...
  2. Racketeering

    Racketeering refers to criminal activity that is performed to benefit an organization such as a crime syndicate. Examples of racketeering activity include...
  3. Lawful Money

    Any form of currency issued by the United States Treasury and not the Federal Reserve System, including gold and silver coins, Treasury notes, and Treasury bonds. Lawful money stands in contrast to fiat money, to which the government assigns value although it has no intrinsic value of its own and is not backed by reserves.
  4. Fast Market Rule

    A rule in the United Kingdom that permits market makers to trade outside quoted ranges, when an exchange determines that market movements are so sharp that quotes cannot be kept current.
  5. Absorption Rate

    The rate at which available homes are sold in a specific real estate market during a given time period.
  6. Yellow Sheets

    A United States bulletin that provides updated bid and ask prices as well as other information on over-the-counter (OTC) corporate bonds...
Trading Center