Beneficiary
A beneficiary is someone who gets money or other things from somebody else.[1] For example, in a life insurance policy the beneficiary gets the money after the insured person dies.[2] A beneficiary can also be the person chosen in someone's will.[3] The person or group who gives the money is called the benefactor.[4] In Trust law the beneficiary is the person who receives property from a trustee.[5]
References
- ↑ Beneficiary. WexCornell Law School. Retrieved 24 July 2017.
- ↑ Update Your Insurance Beneficiary. U.S. Department of Veterans Affairs. Retrieved 24 July 2017.
- ↑ Larson, Aaron. Creating Your Last Will and Testament. ExpertLaw (7 June 2017). Retrieved 24 July 2017.
- ↑ Benefactor. Oxford Living DictionariesOxford University Press. Retrieved 24 July 2017.
- ↑ Larson, Aaron. What is a Trust and Why You May Need One. ExpertLaw (4 May 2017). Retrieved 24 July 2017.
