A beneficiary is someone who gets money or other things from somebody else. For example, in a life insurance policy the beneficiary gets the money after the person who made the policy dies. A beneficiary can also be the person chosen in someone's will. The person or group who gives the money is called the benefactor. In Trust law the beneficiary is the person who receives property from a trustee.
References[change | change source]
- "Beneficiary". NOLO. http://www.nolo.com/dictionary/beneficiary-term.html. Retrieved 22 November 2015.
- "Trusts: An Overview". FindLaw. http://estate.findlaw.com/trusts/trusts-an-overview.html. Retrieved 22 November 2015.