I don't know why I'm stuck on this one but here goes. If my primary beneficiary passes, do I, as the account holder need to update my contingent beneficiary to primary or can I leave this as is?
If you have the phrase "per stipes" after the contingent beneficiary, it will pas to their heirs.you can leave it as it... BUT if you contingent beneficiary dies... you have not payable beneficiary unless you used appropriate wording to define who is next in line.
I would update unless you really have no on else to give to. ...say you could put me on the list!! --joking.
Check how your state defines it if not spelled out. Do they go down the linage of you or your previous beneficiaries?
If you don't define, someone else will.
If you have the phrase "per stipes" after the contingent beneficiary, it will pas to their heirs.
OOPsSpellcheck: per stirpes