beneficiary

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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

noun  donee, grantee, heir, heiress, inheritor, legatee, one who receives, payee, receiver, recipient, usufructuary
Associated concepts: beneficiary of a trust, beneficiary under a will, cestui que trust
See also: devisee, donee, grantee, heir, legatee, receiver, recipient, successor, transferee

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.

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.

References in periodicals archive ?
Once again, more than 51 thousand beneficiaries of Thar have been paid an additional amount of Rs.
For example, for a charitable remainder trust, the CRAT, CRUT and PIF requirements reduce the incentive and opportunity for the trustee to invest the trust assets in risky securities to obtain higher returns for the noncharitable income beneficiaries, resulting in a smaller remainder interest for the charity if the securities decrease in value.
The bank owed the beneficiaries a duty of loyalty as a trustee and was required to administer the trust solely in the interest of the beneficiaries.
In fact, Medicare beneficiaries without drug coverage fill an average of five fewer prescriptions per year than those with coverage, according to The Henry J.
M+COs must provide coverage of all services covered by Parts A and B of fee-for-service Medicare that are available to beneficiaries residing in the geographic area of the M+CO and all Part A and Part B services obtained outside the geographic area if it is common practice to refer patients outside that geographic area.
About 40 percent of white beneficiaries and only about 25 percent of black and Hispanic beneficiaries reported that they were in "Excellent" or "Very Good" health.
Part C, the program's most recent addition, allows beneficiaries to use a broad array of provider-sponsored plans, Medicare preferred provider organizations, private fee-for-service plans, and medical savings accounts.
It may not be reasonable to expect that the SSA adopt as a primary mission that of returning its beneficiaries to work.
In addition, the study determined that patient acuity, age and access to services are the primary determinants of where beneficiaries receive therapy services and that more beneficiaries now have access to medically necessary services than before.
Such cutbacks would affect about one in 20 Medicare beneficiaries now enrolled in HMOs.
Rehabilitation Feasibility of Blind and Visually Impaired Disability Beneficiaries
It's important for California Medicare beneficiaries to see what's new for 2007, because there are plans available with lower costs and more comprehensive coverage," said Tom Paul, chief pharmacy officer for Ovations, the UnitedHealth Group business dedicated to serving the health and well-being of people age 50 and older.