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expand to add usage in insurance
A '''beneficiary''' is someone named to receive property or benefits in a [[will]] or a [[trust]].
A '''beneficiary''' is someone named to receive property or benefits after someone else dies.
It is commonly used in [[insurance]] to designate the person receiving the proceeds of the policy upon the death of the insured. However, it can also be used to designate the recipient of property or benefits in a [[will (legal document)|will]], a [[trust]], an [[annuity]], or other property to pass outside of [[probate]].
[[Category:Legal Terms]]
[[Category:Legal Terms]]
[[Category:Insurance]]