Contingent will is a will that takes effect only when a specific condition occurs.

Who should be contingent beneficiary?

In theory, any adult in your life can be named a contingent beneficiary, be they extended family, friends, co-workers and much more. Estates can also be named a beneficiary. You can even, if you want to give your money away after your passing, name a charity or nonprofit organization as a beneficiary.

What is the difference between beneficiary and contingent beneficiary?

By designating beneficiaries, you ensure your assets go to the intended person or entity after your death. … Simply stated, a primary beneficiary is the first person entitled to receive the benefits, and a contingent beneficiary is next in line.