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 insured person 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". Wex. Cornell Law School. Retrieved 24 July 2017.
- "Update Your Insurance Beneficiary". U.S. Department of Veterans Affairs. Retrieved 24 July 2017.
- Larson, Aaron (7 June 2017). "Creating Your Last Will and Testament". ExpertLaw. Retrieved 24 July 2017.
- "Benefactor". Oxford Living Dictionaries. Oxford University Press. Retrieved 24 July 2017.
- Larson, Aaron (4 May 2017). "What is a Trust and Why You May Need One". ExpertLaw. Retrieved 24 July 2017.