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A designated beneficiary is a person or named organization who inherits assets after the death of the asset’s owner. Such assets can include life insurance policies, bank or brokerage accounts, or the balance(s) of individual retirement accounts (IRAs).
Typically, the designated beneficiary needs to file a claim with a copy of the death certificate to receive the assets. Please consult your tax professional for additional questions. To name Cardinal McCloskey as a designated beneficiary, please contact us at firstname.lastname@example.org.