If you've been a long time fan or client of wt360 you know we called for the coldest Summer in 5 years and wet-no drought in our forecast for the Eastern half of the U.S. this Summer. Hopefully that gives you a little hope that they can be totally wrong and not to panic on the Winter just yet.
A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. If you donât name a beneficiary, the death benefit will be paid to your estate. Two âlevelsâ of beneficiaries. Your life insurance policy should have both âprimaryâ and âcontingentâ beneficiaries. The primary beneficiary gets the death benefits if he or she can be found after your death. Contingent beneficiaries get the death benefits if the primary beneficiary canât be found.
When you opened your individual retirement account, you should have designated a beneficiary, or a person to get the assets when you die. You can also name a contingent beneficiary if the first beneficiary dies before you.If you name an individual, or divide the assets among different people, the IRA doesn't go through the probate process.f you didn't list any beneficiaries, the fate of your IRA depends on the financial institution's default policy. Some custodians allow the spouse to claim it, while others consider it part of the estate. Few, if any, allow children to claim an IRA without a named beneficiary, let alone any other relative.