08:50 May 11, 2020 |
Polish to English translations [PRO] Law/Patents - Law (general) / prawo spadkowe | |||||||
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| Selected response from: Michael Grabczan-Grabowski Canada Local time: 02:50 | ||||||
Grading comment
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Summary of answers provided | ||||
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3 +1 | primary beneficiary |
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3 +1 | transferor |
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3 | transmitent |
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primary beneficiary Explanation: A primary beneficiary is an individual or organization who is first in line to receive benefits in a will, trust, retirement account, life insurance policy, or annuity upon the account or trust holder's death. An individual can name multiple primary beneficiaries and stipulate how distributions would be allocated. https://www.investopedia.com/terms/p/primary-beneficiary.asp The primary beneficiary is the person or entity who has the first claim to inherit your assets after your death. Despite the term “primary," you may name more than one such beneficiary and designate how the assets will be divided among them. A contingent beneficiary, on the other hand, is the second in line to inherit your assets. The only way a contingent beneficiary inherits anything from the account or policy is if the primary beneficiary or beneficiaries have predeceased you or otherwise can't be found. For example, if you have two children and name your son as the primary, or principal, beneficiary and your daughter as the contingent, only your son would inherit the assets upon your death unless he predeceases you or can't be found, in which case your daughter would inherit the full sum. If you name them both as primary beneficiaries, they would split the assets according to the percentages you have decided on. Alternately, you may choose to name your spouse as the primary beneficiary and your children as contingent beneficiaries, in which case your children would inherit only if your spouse predeceases you. If you wanted both your spouse and children to collect the assets, you would name all of them as primary beneficiaries, perhaps with your spouse inheriting half and your two children receiving one-quarter each. In this case, if your spouse dies before you, your children would remain the primary beneficiaries https://www.legalzoom.com/articles/contingent-beneficiary-vs... |
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5 hrs confidence:
15 hrs confidence: peer agreement (net): +1
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