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

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 ?
If USCIS conditionally approves the application for a parole document, the beneficiary will need to leave the United States and appear abroad at a USCIS office or
This means that if the primary beneficiary has died, the insurance proceeds will go to an individual or trust.
This includes the bank's agreement to issue the letter of credit, the terms of the letter of credit, the customer's obligation to reimburse the bank for payments made to the beneficiary upon the presentation of conforming documents, the bank's charges and commissions earned from issuing the letter of credit, and the collateral security for the customer's reimbursement obligation to the bank.
A retired married couple might wish to make a charity a partial beneficiary of their retirement assets, but be reluctant to do so because of a need to provide for the surviving spouse and a desire to leave the bulk of the account to adult children.
Bank Accounts: You can name The VRG as the beneficiary of any checking or savings account, certificate of deposit, mutual fund, or stock from a brokerage account.
For estate planning purposes, if the estate exceeds the $1 million exclusion amount and the surviving spouse is the sole beneficiary of the IRA, then estate taxes can be reduced through the marital deduction.
The first item a provider should scrutinize in any SNF case is the NONC delivered to the beneficiary (assuming one was delivered) to determine if it meets the requirements of HCFA's Manuals.
Work efforts of disabled worker beneficiaries: Preliminary findings of the new beneficiary survey.
Overall, our studies found it virtually impossible to predict how the individual beneficiary will flow through the lattice-like rehab system.
For example, plans that designate the surviving spouse as the beneficiary have certain income tax advantages over plans that designate the estate as beneficiary.
The purpose of this research was to achieve a feasibility study by investigating the relationship between closure status (successfully rehabilitated-status 26 and unsuccessfully rehabilitated-statuses 28 and 30) and disability beneficiary status (Supplemental Security Income-SSI, Social Security Disability Insurance-SSDI, and SSI/SSDI) on each of five intake variables (age, highest grade completed, marital status, major disabling condition, and monthly family income) and separately on each of the three process variables (cost of case services, number of services received, and number of months on agency rolls).
On a calendar year basis, the Trustee will furnish to each beneficiary a statement of the beneficiary's pro rata share of the items of income, gain, loss, credit and deduction of the Trust to be included on the beneficiary's tax returns, and a statement of the beneficiary's pro rata share of the assets and liabilities of the Trust.