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 ?
NOTE: If the Filipino World War II veteran and spouse are both deceased, certain beneficiaries will be allowed to seek parole on their own behalf as qualified self-petitioners.
If an individual dies without a valid will (intestate), then the order of legal beneficiaries to whom assets are distributed is specified by that state's law.
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.
Designated beneficiaries are living persons for whom a life expectancy can be calculated.
As each of the noncharitable beneficiaries died, her share of the income passed to the charities.
The court held that, without a notice of lending, the bank's use of trust assets to repay its own loans on the project--without acknowledging its status as trustee or providing notice to trust beneficiaries of the transfer--constituted a breach of its fiduciary duty.
If the beneficiary of the IRA is someone other than the spouse, one or more beneficiaries could disclaim their interest so that the IRA flows to a younger person, thus stretching out the distributions over a longer period.
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.
Sixty-five percent of black beneficiaries had hypertension, a much higher rate than for white beneficiaries (51 percent) and Hispanic beneficiaries (56 percent).
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.