From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 164881 Naming Primary and Contingent Beneficiaries In addition to naming a primary beneficiary on an asset, most assets let you name at least one contingent (backup or secondary) beneficiary. A contingent beneficiary receives the money or account if the primary beneficiary is unable or unwilling to accept it (e.g., they predecease the account holder). While primary and contingent beneficiaries provide some probate avoidance security, if there is no primary beneficiary living and no contingent beneficiary living, the money or account could be subject to probate. With your estate planning attorney’s guidance, consider naming your trust, if your estate plan includes one, or adding one if it doesn’t, as the primary or contingent beneficiary to help avoid the scenario where both your primary and contingent beneficiaries predecease you or are otherwise unable to take the funds. Schedule an appointment to learn more. From the Attorney’s Desk by Jason Krautkramer, J.D. Eckert & Krautkramer, LLC 630 N 4th St. Wausau, WI 54403 715-842-0907 jason@eckertlawllc.com 164881 Naming Primary and Contingent Beneficiaries In addition to naming a primary beneficiary on an asset, most assets let you name at least one contingent (backup or secondary) beneficiary. A contingent beneficiary receives the money or account if the primary beneficiary is unable or unwilling to accept it (e.g., they predecease the account holder). While primary and contingent beneficiaries provide some probate avoidance security, if there is no primary beneficiary living and no contingent beneficiary living, the money or account could be subject to probate. With your estate planning attorney’s guidance, consider naming your trust, if your estate plan includes one, or adding one if it doesn’t, as the primary or contingent beneficiary to help avoid the scenario where both your primary and contingent beneficiaries predecease you or are otherwise unable to take the funds. Schedule an appointment to learn more.
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