Changes

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]]