A fuller guide to this term is on the way. In the meantime, the related terms below explain the ideas around it.
Related MoneyPedia terms
- Beneficiary DesignationThe named person who inherits your retirement account, which overrides your will for that account when you pass away.
- Contingent BeneficiaryA backup recipient who inherits only if your first-choice beneficiary cannot or will not accept the assets.
- Payable-on-Death AccountA bank account with a named recipient who receives the balance directly when you die, skipping probate.
- TrusteeThe person or institution responsible for managing a trust's assets and following its instructions.
- WillA legal document that spells out who gets your property and who cares for your children after you die.
- Living TrustA legal arrangement you create while alive to hold your assets, letting them pass to heirs without going through probate.
More in Estate Planning
Plain-English education — not personalized legal, tax, or investment advice.