Simply put, the primary nominee would be the first person to receive the account holder’s holdings and cash balance in the unfortunate event that the account holder passes away. The contingency nominee would be next in line.
During the abnormal circumstances where the primary nominee passes away before the account owner, the remaining portion may be payable proportionately to any surviving primary nominee.
If there isn’t a surviving primary nominee, the contingent nominee will receive the assets as per the allocation identified.
In the event a contingent nominee passes away before the account owner, then the contingent nominee share will be divided proportionately among the surviving contingent nominees.
