Business Terms and Jargon Explained

What is Contingent Beneficiaries

When making a Last Will and Testament, there is a situation where one or more of the beneficiaries die before you do. When this happens, you can change your will or you could have put a contingent beneficiary just in case. Example you put in your will that you want your mother to be the guardian of your children when you die or failing her, you would like your brother Trevor Sanders to be your children’s guardian.

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Term created / updated 2013-06-24 10:00:10

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