beneficiary


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Related to beneficiary: contingent beneficiary

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.

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 ?
If the decedent dies before reaching the required beginning date, no minimum required minimum distribution need be made for the year following death of the account holder or participant if the designated beneficiary is the surviving spouse.
Even where it seems inherently unfair, the insurer is almost always held by the courts to be bound to pay the proceeds to the named beneficiary. There are numerous cases where the proceeds were payable to a spouse long divorced by the insured because the policyholder had forgotten to designate a new beneficiary.
This means petitioners will need to file any applications for derivative beneficiaries at the same time as the application for the principal beneficiary.
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.
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.
Since the primary beneficiary at each generational level can be given control over the trust if desired, there should be no reason to ever draft an ILIT without making it a DILIT.
When there are multiple individual beneficiaries (i.e., multiple "designated beneficiaries") the RMD calculation is based upon the oldest beneficiary, unless separate accounts are established before September 30th of the year following the owner's death, in which case each individual beneficiary should be able to calculate his or her own RMD (based upon their individual life expectancies).
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.
The IRS determined that the nine separate trusts were the beneficiaries of the IRA, not Trust "T." As a result, since each trust had only one beneficiary, each beneficiary would be permitted to use a distribution period based on his or her own life expectancy.
* A young woman received a $25,000 life insurance policy from her employer and designated her favorite vegetarian charity as the beneficiary.
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.
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.