A ‘beneficiary’ is an individual or entity designated by the creator of an estate plan to receive their inheritance upon their passing. In fact, the presence of a beneficiary is often a prerequisite for the validity of many estate plans. It’s worth noting that beneficiaries encompass a wide spectrum, including not only individuals, but also organizations and various entities. However, not all beneficiaries share an identical status. Primary beneficiaries are those who hold the foremost claim to inherit assets upon the demise of the estate’s creator. In essence, they stand as the first in line to receive their designated share. In contrast, a contingent beneficiary steps into the picture under specific circumstances, such as if the primary beneficiary passes away before the estate’s creator or if the creator’s whereabouts become unknown.