What is Primary Beneficiary?
A primary beneficiary is someone named in a trust or will to receive the majority of the benefits from that document. They are usually called in the trust or will as the person who will benefit from the property or assets held in the trust. In most cases, there is only one beneficiary, but there can be more if specified in the document.
Who can be a primary beneficiary?
Anyone can be a primary beneficiary if their name appears in the trust or will. The document may specify specific requirements. These are, being a spouse or child of the person who created the trust or will. But generally, anyone designated as the main beneficiary will receive most of the benefits from the trust or estate.
How to become one?
If you want to become a primary beneficiary, your name must be in the trust or will. The document may detail specific requirements. However, the grantor can name more than one of these beneficiaries for directing particular percentages to each.
If the primary beneficiary is not available at the time of the benefit, a contingent beneficiary could assume responsibility instead.
Can I have two primary beneficiaries?
It is possible to have more than one primary beneficiary, but the grantor must specify this in the document creating the trust. If there are multiple beneficiaries, they will share the benefits equally unless it is stated otherwise in the paper.
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