The Seven Deadly Sins of Beneficiary Designations - #4

Deadly Sin #4: Not Including a Contingent Secondary Beneficiary

Do not name a dead person as your beneficiary designation. If your primary beneficiary dies and you do not have a contingent beneficiary, this will create problems for you. You have the ability to name a contingent or secondary beneficiary, so take advantage of this. If you are predeceased by your primary beneficiary, naming a contingent one allows them to receive your insurance or investments.

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