beneficiary

(redirected from beneficiaries)
Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia.

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 ?
ISLAMABAD -- Benazir Income Support Programme (BISP) being a social protection organization was implementing an effective social mobilization and communication policy for quarterly disbursement of Unconditional Cash Transfer (UCT) to its beneficiaries.
The assertion is that benefit programs cause disability beneficiaries to refrain from work.
A November 1997 study for NASL focused on the flow of patients through rehab, while a July 1998 study we did for NovaCare examined utilization patterns and investigated the number of beneficiaries who would exceed the cap.
For example, when United HealthCare, the nation's second-largest health insurance company, announced last October that it was abandoning 59,000 Medicare beneficiaries in 12 states, United's chief medical officer explained, "The revenue from HCFA was not high enough..." The news media has obediently passed this rationale on to the public without reminding us of the HMO subsidy.
Advocates have also suggested a mechanism whereby SSI recipients and SSDI beneficiaries could receive their vouchers directly, managing their own course of rehabilitation without the intervention of an agency, but specific proposals have not been developed.
Furthermore, through a rigorous beneficiary outreach campaign, 1997 beneficiaries of Thar district have been included in the Cash Transfer initiative of BISP since the release of previous tranche.
Also, keep in mind that beneficiaries are paid directly as named.
The traditional IRA (individual retirement account) provides opportunities for tax-deferred investment growth, which benefits the holder and ultimate beneficiaries of the account.
It is financially feasible for both the government and beneficiaries, and it has some of the favorable principles we are advocating for," said Priscilla Chatman, senior legislative representative.
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.
* Over 6 million beneficiaries belonged to a Medicare risk health maintenance organization (HMO) and over 90 percent of those beneficiaries reported having drug coverage.
In addition, asset testing is now required for low-income beneficiaries. This could result in as many as three million people losing their current coverage.