CONTINGENT BENEFICIARY
\kəntˈɪnd͡ʒənt bˌɛnɪfˈɪʃəɹi], \kəntˈɪndʒənt bˌɛnɪfˈɪʃəɹi], \k_ə_n_t_ˈɪ_n_dʒ_ə_n_t b_ˌɛ_n_ɪ_f_ˈɪ_ʃ_ə_ɹ_i]\
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An alternate beneficiary named in a will, trust or other document. Any person entitled to property under a will if one or more prior conditions are satisfied. For example, if Fred is entitled to take property under a will only if he's married at the time of the will maker's death, Fred is a contingent beneficiary. Similarly, if Ellen is named to receive a house only in the event her mother, who has been named to live in the house, moves out of it, Ellen is a contingent beneficiary.
By Oddity Software
Word of the day
hydromorphic
- [Greek] Structurally adapted to an aquatic environment, as organs of water plants.