What are Beneficiaries?


Legal Definition

The legal definition of a beneficiary from the New World Dictionary of Law is: “A person entitled to an advantage, benefit, or profit (such as an inheritance under a will or the proceeds of an annuity, insurance policy, or property held in trust) arising from an appointment, assignment, disposition, instrument, or legal arrangement.” In more simple terms, a beneficiary receives something of value, whether monetary or sentimental, from another and may be distributed in a number of ways including through a will, an insurance policy, a financial account, or a trust.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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