Difference between revisions of "Beneficiary"
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| − | A '''beneficiary''' is someone named to receive property or benefits in a [[will]] | + | A '''beneficiary''' is someone named to receive property or benefits after someone else dies. |
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| + | 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]] | ||
Revision as of 21:20, April 6, 2019
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, a trust, an annuity, or other property to pass outside of probate.