Naming a contigent beneficiary aswell as surviving children is described by class beneficiary designation.
This class beneficiary designation may prevent disinheriting children who arrive after the policy has been issued
A designated beneficiary is that person who inherits an asset such that the balance of an individual retirement account of him or life insurance policy after the death of the asset's owner is owned to him.
The Setting Every Community Up for Retirement Enhancement (SECURE) Act has made the rules for designated beneficiaries very narrow when it talks about the required withdrawals from inherited retirement accounts.
The new rules are applied to the beneficiaries of account owners who had died after December 31, 2019.
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