Beneficiaries inherit your account upon your death. There are two types of beneficiaries: Primary and Contingent.
- Primary beneficiaries are first in line to inherit your assets according to the percentages you assign to them
- Contingent beneficiaries inherit the percentage of your assets assigned to them only if none of the primary beneficiaries survive you or disclaim your assets
*You may not name yourself as a beneficiary.
For more information, feel free to visit the IRS website.
5
5
Was this article helpful?
5 out of 5 found this helpful