Difference between revisions of "Beneficiary"
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A '''beneficiary''' is someone named to receive property or benefits after someone else dies. | 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]]. | + | It is commonly used in [[insurance]] to designate the person receiving the proceeds of the policy upon the death of the insured. Most policies, though, will not pay if the beneficiary purposely caused the death of the insured in order to collect benefits. |
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| + | 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]] | [[Category:Insurance]] | ||
Latest revision as of 18:58, December 23, 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. Most policies, though, will not pay if the beneficiary purposely caused the death of the insured in order to collect benefits.
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.