why beneficiaries are important
it s important to designate beneficiaries for your financial property so that you can feel confident that the people you ve decided your money should go to will be assured of receiving it types of beneficiariesthe primary beneficiary is the first choice of beneficiary made by a financial account owner while other beneficiaries also may be listed in account or estate documents this person or organization will receive all of the assets in an account a contingent beneficiary is a secondary beneficiary they receive the account benefits only if the primary beneficiary is no longer living or cannot be located you can name more than one contingent beneficiary and how the assets would be divided between them 