GLOSSARY · TAX & ESTATE

Beneficiary designation

The form on a retirement account, life insurance policy or payable-on-death or transfer-on-death account that names who receives it when you die. The account passes to that person directly, outside probate, whatever the will says. A contingent beneficiary receives it if the primary one has died, and in most employer plans a spouse must consent in writing before anyone else is named as primary beneficiary.

Also called: named beneficiary, payable on death, transfer on death, POD, TOD, contingent beneficiary
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CHAPTER · WEALTH PROTECTION FUNDAMENTALS · FOUNDATIONSBeneficiary DesignationsCHAPTER · LEGACY & PHILANTHROPY PLANNING · STRATEGIESWills, Guardians and the Documents Every Plan Needs
RELATED TERMS
Letter of instructionTenancy by the entiretyProbateRevocable living trust
SOURCES
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