Beneficiary meaning

London will be the beneficiary of investment in its transport system. They were the beneficiaries of free education. Beneficiary definition, a person or group that receives benefits , profits , or advantages.

One that receives a benefit : I am the beneficiary of your generosity. The recipient of funds , property , or other benefits , as from an insurance policy or trust. Someone who is a beneficiary of something is helped by it.

There were many beneficiaries of this dramatic shift in Western politics. Synonyms: recipient, receiver, payee, assignee More Synonyms of beneficiary 2. 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. Definition: In life insurance, the beneficiary is the person or entity entitled to receive the claim amount and other benefits upon the death of the benefactor or on the maturity of the policy.

Description: Generally, a beneficiary is a person who receives benefit from a particular entity (say trust) or a person. The eligibility to be considered for the benefits is confirmed either as per the specifications in the policy documents or by other legal norms such as that for a legal heir.

In the financial worl a beneficiary typically refers to someone eligible to receive distributions from a trust,. Word forms: plural -aries. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. This might be money, possessions, property or stocks and shares – anything that the person who has died left behind.

That’s a basic beneficiary meaning. Another term you might hear is ‘ residuary beneficiary’. Use beneficiary in a sentence “ The will states that the nephew of the man is the direct beneficiary of his estate and will receive his savings as well as numerous properties. Noun (1) the recipient of funds or other benefits (2) the semantic role of the intended recipient who benefits from the happening denoted by the verb in the clause. Adjective (1) having or arising from a benefice.

Beneficiaries extend beyond the people you mention and leave property to in your will. Insurance policies and retirement plans have designated beneficiaries and the proceeds go directly to these individuals without the necessity of probate when you die. The same holds true for bank accounts in some states. Law) a person entitled to receive funds or other property under a trust, will, or insurance policy. The trust creator or grantor designates beneficiaries and a trustee, who has a fiduciary duty to manage.

A beneficiary of trust is the individual or group of individuals for whom a trust is created. She was the sole beneficiary of her father’s will. If you have established a trust, the beneficiary you name receives the assets of the trust.

In everyday usage, a beneficiary is the designated recipient of benefits specified in a legal document, such as wills, trusts, pension plans and insurance policies.

If you are named as the sole beneficiary , you are entitled to all of the benefits that pass to you in such documents. Naming a beneficiary turns it into a payable-on-death account that can pass directly to a beneficiary with minimum fuss. When you amend a list, you can change the default for any new beneficiaries - and either save or edit this for each beneficiary you add.

Existing beneficiaries keep their existing reference. When making a payment from an existing bulk list it is recommended that you review the beneficiary references to ensure they are specific for each payment and if require consider updating.