• A named beneficiary refers to an individual identified by a written legal document who has the right to collect assets from a trust, insurance policy, pension plan account, or IRA.

  • There are different types of beneficiaries, such as primary beneficiaries who are first in line for benefits.
  • Notional beneficiaries refer to persons entitled to benefit from an account if the primary beneficiary relinquishes the asset, is deceased, or cannot be located.
  • The beneficiary can be property, as opposed to one person.