The primary beneficiary is the person or entity who has the first claim to inherit your assets after your death. The only way a contingent beneficiary inherits anything from your account is if the primary beneficiary or beneficiaries have predeceased you or otherwise can't be found. If no spouse or beneficiaries survive you, payment will be made to your estate. By completing a new beneficiary form, you will be revoking any previous beneficiary designations for your account. It is important to keep beneficiary designations up to date. If you wish to make changes, please request a new form.