Beneficiary meaning

Word Origin early 17th century: from Latin beneficiarius, from beneficium (see benefice). Law) law a person entitled to receive funds or other property under a trust, will, or insurance policy 3. London will be the beneficiary of investment in its transport system. They were the beneficiaries of free education.

One who inherits under a will.

A person entitled to a beneficial interest or a right to profits, benefit, or advantage from a contract. In the financial worl a beneficiary typically refers to someone eligible to receive distributions from a trust,. One that receives a benefit: I am the beneficiary of your generosity.

The recipient of funds, property, or other benefits, as from an insurance policy or trust. Another word for beneficiary. Find more ways to say beneficiary , along with related words, antonyms and example phrases at Thesaurus.

Get Your 1-on-Legal Consultation. Description: Generally, a beneficiary is a person who receives benefit from a particular entity (say trust) or a person.

For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. Choosing beneficiaries , and keeping those choices up-to-date, is an important part of owning life insurance. The birth or adoption of a chil marriage or divorce can affect your initial choice. Review your beneficiary designation as new situations arise in order to make sure your choice is still appropriate.

Your life insurance beneficiary is the designated recipient of your death benefit if you die while your policy is active. An organization or a person for whom a trust is created and who thereby receives the benefits of the trust. As we mentione this recipient can be a spouse, chil frien organization, charity or trust. You can also name multiple life insurance beneficiaries.

A contingent beneficiary is second in line to inherit from you if your primary or first beneficiary is unwilling or unable to do so. A beneficiary designation, however, is different. Retirement accounts will commonly revert to your probate estate if you fail to name a contingent beneficiary and your primary beneficiary predeceases you.

You can name one or more primary and contingent beneficiaries. An individual or entity designated as the recipient of money or property under a will or trust. Every human being is the beneficiary of this trust, and is equally entitled to its use.

Examples of contingent beneficiaries can include people, organizations, estates, charities or trusts. An individual, institution, trustee, or estate which receives, or may become eligible to receive, benefits under a will, insurance policy, retirement. For example, a person named to receive something in a will is a beneficiary under such will.

How to use beneficial in a sentence. The term includes the holder of a presently exercisable general power of appointment but does not include a person that is a beneficiary only because the. Define Current beneficiary. Dictionary entry overview: What does beneficiary mean ? BENEFICIARY (noun) The noun BENEFICIARY has senses:.

In trust law, a beneficiary or cestui que use, a. The beneficiary designation on file at the time of death is binding in the payment of your benefits. Whenever an employee has a life event, such as a marriage, divorce or birth of a chil beneficiary designations should be reviewed and updated. With a document like a will, you can put other conditions in as well. The forms can be found below. The exact meaning of “timely varies by state and circumstances.

Typically, this information should be provided by the executor of the estate. Medicare) were in the QMB program. Beneficiaries have certain rights related to the executor.