# Beneficiary

*Everyday Money — Finicade finance glossary*

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.

**Also known as:** named beneficiary, beneficiary designation

**Related terms:** [Will](https://finicade.com/glossary/will), [Estate Planning](https://finicade.com/glossary/estate-planning), [Life Insurance](https://finicade.com/glossary/life-insurance), [Inheritance](https://finicade.com/glossary/inheritance), [401(k)](https://finicade.com/glossary/401k)

Source: https://finicade.com/glossary/beneficiary