What is the difference between a Primary and Contingency nominee?
Primary Nominees are the first person entitled to receive the benefits of a nomination.
- It is recommended to have at least one primary nominee in your account.
- You can add up to 4 primary nominees as long as the total allocation adds up to 100%.
- In the event that a primary nominee passes away before the account holder, holdings and cash balances will be transferred to surviving primary nominees in case the account holder passes away.
Contingent Nominees are the next-in-line beneficiaries.
- That is, in the event a primary nominee passes away prior to the account owner, the remaining portion will be proportionately payable to any surviving primary nominee.
- Adding a contingent nominee is optional.
- You can add up to 4 contingent nominees as long as the total allocation adds up to 100%.
- In the event that a contingent nominee passes away prior to the account owner, the contingent nominee's share will be divided proportionately among surviving contingent nominees in case the account holder passes away.
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