Beneficiary

An organization or a person for whom a trust is created and who thereby receives the benefits of the trust. One who inherits under a will. A person entitled to a beneficial interest or a right to profits, benefit, or advantage from a contract.

beneficiary

n. a broad definition for any person or entity (like a charity) who is to receive assets or profits from an estate, a trust, an insurance policy or any instrument in which there is distribution. There is also an "incidental beneficiary" or a "third party beneficiary" who gets a benefit although not specifically named, such as someone who will make a profit if a piece of property is distributed to another. (See: incidental beneficiary)

beneficiary

a person who has or is entitled to a beneficial interest in property. The term is most frequently encountered in relation to gifts by will or entitlements under a trust. In English law, a beneficiary is sometimes called a cestui que trust. Beneficial interest is a right of enjoyment of property, as opposed to merely nominal ownership. For example, if property is held in trust, the trustees have the nominal ownership (or legal interest) in the trust property that they hold for the benefit of others. The entitlement of those others is called the beneficial (or equitable) interest.

Collins Dictionary of Law © W.J. Stewart, 2006

BENEFICIARY. This term is frequently used as synonymous with the technical phrase cestui que trust. (q. v.)

HEIR, BENEFICIARY. A term used in the civil law. Beneficiary heirs are those who have accepted the succession under the benefit of an inventory regularly made. Civ. Code of Lo. art. 879. If the heir apprehend that the succession will be burdened with debts beyond its value, he accepts with benefit of inventory, and in that case he is responsible only for the value of the succession. See inventory, benefit of.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.

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References in periodicals archive

This means petitioners will need to file any applications for derivative beneficiaries at the same time as the application for the principal beneficiary.

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Although a QSST by definition can have only one current income beneficiary, it is possible to have multiple beneficiaries, provided separate shares in the trust are created with respect to each beneficiary.

QSSTs and ESBTs: no longer mutually exclusive

The first contract is the contract between the letter of credit applicant and the beneficiary. Their agreement could be a sale of goods or provision of services, a lease, license, note, or other agreement.

Standby letters of credit and the independence principle

2004)), which held that the estate should not discount the value of the decedent's retirement account to offset the beneficiary's future tax liability.

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* A young woman received a $25,000 life insurance policy from her employer and designated her favorite vegetarian charity as the beneficiary.

Planned giving

Under the 2002 final regulations, the final determination of the beneficiary of the IRA must be made no later than September 30 of the year following the calendar year of the owner's death.

The new regulations on IRA required minimum distributions. (IRA Planning)

These beneficiaries may have qualified for Medicaid under the federally legislated qualified Medicare beneficiary program or specified low-income Medicare beneficiary program passed in the 1990s.

Insurance trends for the Medicare population, 1991-1999