Contingent Beneficiary
Explore how contingent beneficiaries work in estate planning and what happens to your assets when a primary beneficiary cannot inherit.
What happens if I don't name a contingent beneficiary on my accounts?
If your primary beneficiary dies before you and no contingent beneficiary is named, the asset may have to pass through probate — even if you have a will or trust. This can delay distribution to your family and add unnecessary costs to settling your estate. On accounts like retirement plans and life insurance, the beneficiary designation controls who inherits, not your will, so a missing backup beneficiary is a common and costly oversight. Naming at least one contingent beneficiary on every account keeps your assets moving directly to the people you choose.
