A primary beneficiary is an individual or organization who is first in line to receive benefits from the estate as specified in someone’s last will and testament
What you need to know
A primary beneficiary can be anybody or anything, including a spouse, child, friend, or organization
More than one primary beneficiary can be named in a will
If a primary beneficiary is no longer alive or able to collect, a contingent, or secondary, beneficiary can be named
A primary beneficiary can refuse the assets being passed to them
Simply put, a primary beneficiary is the FIRST person who receives assets from a financial instrument, such as a will, trust, or life insurance policy. If someone dies without a will, the primary beneficiary would be the first person who is entitled to receive assets from the estate under the state’s intestacy laws.
Primary beneficiaries are typically family members, such as children or a spouse, but it can also be a charity or an organization. If a child who is a minor is named as the primary beneficiary, the court will appoint an adult custodian to take care of the assets until the child becomes of age.
A primary beneficiary is different from a contingent beneficiary, who is the second person in line to receive benefits. A contingent beneficiary receives the assets if the primary beneficiary dies before them.
A primary beneficiary can also refuse the funds given to them, and in that case the contingent beneficiary would receive the assets. Basically, the contingent beneficiary is a backup plan.
A probate guide written for people who aren’t lawyers
Probate is notoriously confusing. Small estate affidavits, formal vs. simple administration, executors & executrixes— there’s more than enough jargon to make your head spin. We get it, and that’s why we made a probate guide that actually tells you what you need to know without assuming anything. You’ll walk away with a tangible timeline, actionable next steps and real clarity on what probate actually means for you and your family.
Bill recently passed away. In his will, he stated that 80% of his estate will be passed to his wife, Linda, and the other 20% of his estate will be split evenly between his two children, Jack and Jill. Also in his will, he named his cousin Nathan as the contingent beneficiary. Although they are receiving different percentages, Linda, Jack, and Jill are all primary beneficiaries because they are FIRST in line to receive assets. If for some reason any of the primary beneficiaries refuse the funds, they would pass to Nathan (contingent beneficiary), as he is SECOND in line to receive the assets.
In collaboration with
Jack Wilkes
Jack Wilkes is a trust professional and Private Wealth Client Account Manager at Northern Trust Wealth Management in Boston, MA.
Jack received his undergraduate degree in Trust and Wealth Management from Campbell University in North Carolina, along with a minor in Financial Planning. Jack continued his education with an MBA in Financial Services, also from Campbell University.
Jack is a frequent industry writer on trust, wealth management and fiduciary topics.
In collaboration with
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