Beneficiary
Also called: named beneficiary, beneficiary designation
A beneficiary is the person or entity you name to receive an account or policy when you die — a pension, a life insurance policy, a bank account. The critical fact: a beneficiary designation is a contract that beats your will. A stale form naming a former partner will pay them, whatever your will says and whatever your family argues. Always name a contingent beneficiary too, and review designations after any marriage, divorce, birth or death.