Jargon Buster - Definition of Potential Future Beneficiaries

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Potential Future Beneficiaries

are often nominated on a trust schedule as the individual(s) to receive the funds or assets if they cannot be paid to the initial beneficiaries. For example when setting up a life insurance trust, the settler may nominate a beneficiary for the policy to pay out to, if however something happened to the beneficiary, it would be useful to have Potential Future Beneficiaries to indicate where the payout should go next.

Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.

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