define beneficiary
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beneficiary beneficiary. [ 1 ben′əfish′ərē] 2  a person or group designated to receive certain profits, benefits, or advantages, as the recipient of a will or insurance policy.
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Fiduciary Fiduciary. A fiduciary is an individual or organization legally responsible for managing assets on behalf of someone else, usually called the beneficiary. The assets must be managed in the best interests of the beneficiary, not for the personal gain of the fiduciary.
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Life Insurance Beneficiaries Revocable beneficiaries: The owner of the life insurance policy has the right to change the beneficiary designation at any time without the consent of the previously named beneficiary. Irrevocable beneficiaries: The owner of the life insurance policy cannot change the designation of the beneficiary without the consent of the original beneficiary.
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What Is a Bank Account Beneficiary? The purpose of having a bank account beneficiary is to ensure that an account holder's money goes to the person or group that the account holder chooses. It also simplifies the legal process of passing money from the estate of the deceased to the intended recipients.
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- A beneficiary is the person or entity you name (i.e., designate) to receive the death benefits of a life insurance policy. Some states require that your beneficiary have an insurable interest in your life or be related to you (at least at the time the contract is initiated), while others have no such restriction.
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- A contingent beneficiary is someone who receives the proceeds of an insurance policy if the person named as the primary beneficiary ...f both the primary and contingent beneficiaries are unavailable, what happens to ... One of the most common mistakes in estate planning is not keeping beneficiary designations up to date on life insurance policies ...
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Third-party beneficiary A third-party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract. This right, known as a ius quaesitum tertio, arises when the third party (tertius or alteri) is the intended beneficiary of the contract, as opposed to a mere incidental beneficiary (penitus extraneus).
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beneficiary n. a broad definition for any person or entity (like a charity) who is to receive assets or profits from an estate, a trust, an insurance policy or any instrument in which there is distribution. There is also an incidental beneficiary or a third party beneficiary.
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- What Is a Beneficiary. A beneficiary is anyone or any entity who receives property from you after you die. Maybe you leave all of your property to your children or another group of individuals or to an entity such as a charity or a trust. Or you might leave specific items to specific people.
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Rights of Primary Beneficiary Vs. Contingent Beneficiary Protect your loved ones with a will. Beneficiaries. Generally, beneficiaries are individuals who may inherit assets under your will, trust, retirement account, life insurance policy or annuity. Charities can also be beneficiaries, but your beneficiary must have the legal ability to accept your bequest.
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Successor Beneficiary Definition - What does Successor Beneficiary mean? A successor beneficiary is the person who receives the death benefit of a life insurance policy in case the primary beneficiary dies first. However, as long as the primary beneficiary lives, they retain the right to the policy proceeds. In case they die after receiving the death benefit, the money goes to their estate, not to the successor.
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Beneficiary Beneficiary. 1  Term used to refer to the person who receives the benefits of a trust or the recipient of the proceeds of a life insurance policy. 2  1. In insurance, the person or (more rarely) organization that receives money from the insurance company when the insured event occurs.
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Incidental Beneficiary Law and Legal Definition Incidental Beneficiary Law and Legal Definition. An incidental beneficiary is someone who indirectly obtains a benefit as the result of the main purpose of the trust. An incidental beneficiary is a beneficiary who is not an intended beneficiary. For example, a grandchild might benefit from his/her parent receiving a gift which could be used by the entire family, or which he/she may inherit from the parent.
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Life Insurance Primary Vs. Contingent Beneficiaries A beneficiary is the person or entity you name in a life insurance policy to receive the death benefit. You can name: 1  One person. 2  Two or more people.  The trustee of a trust you’ve set up.
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Life Insurance Beneficiaries There are two basic types of life insurance beneficiaries: 1  Primary beneficiary: The primary beneficiary is the person (or persons) who will receive the proceeds of the life insurance policy when the insured person dies. 2  Contingent beneficiary: This is also known as the secondary beneficiary.
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beneficiary Definition of beneficiary. plural. beneficiaries. 1 : a person or thing that receives help or an advantage from something : one that benefits from something the main beneficiaries of these economic reforms.
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Frequently Asked Questions A payee acts for the beneficiary. A payee is responsible for everything related to benefits that a capable beneficiary would do for himself or herself. We encourage payees to go beyond just managing finances and be actively involved in the beneficiary’s life. payee acts for the beneficiary. A payee is responsible for everything related to benefits that a capable beneficiary would do for himself or herself. We encourage payees to go beyond just managing finances and be actively involved in the beneficiary’s life.
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- August 25, 2015. A beneficiary is anyone or any entity who receives property from you after you die. Maybe you leave all of your property to your children or another group of individuals or to an entity such as a charity or a trust. Or you might leave specific items to specific people.
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FDIC Insurance Information For the purposes of FDIC insurance coverage, a beneficiary is defined as a natural person, a charitable organization, or a non-profit entity properly organized under IRS code. Each owner is insured to $250,000 for each entitled beneficiary.
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Rights of the Beneficiary of a Family Trust Information. A beneficiary of a family trust is entitled to an annual report: a detailed description, prepared by the trustee, of the trust's income and expenses. If the trustee has the authority to invest trust assets, the trustee must report the details of these investments, including their gains or losses.
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Rights of a Beneficiary: Vesting & Enforceable Claims You see, the tee shirt shop is the donee beneficiary and is not actually part of the agreement to bring tee shirts to the party but benefits from the tee shirt order. In contrast, creditor beneficiaries are third parties to a contract and receive benefits when there is a legal duty for a promise to perform.
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Estate Planning Strategies by Beneficiary Beneficiary is the legal term for someone who will inherit assets from you, regardless of whether the asset has a beneficiary designation on it or not. Another commonly used term is heir, although in legal terms, this refers to the family members who inherit under state law from those who pass away without a will.
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Third-party beneficiary Third-party beneficiary. A third-party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been an active party to the contract.
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Life Insurance Beneficiaries Definition: The beneficiary is the term in a life insurance or annuity insurance contract that identifies who will receive the benefit in the event of the insured death. A policy may have more than one beneficiary. The beneficiary can be revocable or irrevocable. The primary beneficiary is the person who first would receive the benefits of an insurance policy. If the primary beneficiary is deceased then the contingent beneficiary would receive the proceeds of the insurance policy. A contingent beneficiary is also sometimes called a secondary beneficiary. It is important to understand the role of the beneficiary in the insurance contract to ensure that regardless of circumstance the right person will receive the benefit. Beneficiary can also refer to someone who receives benefits from a health insurance policy such as payments for a health care service. How to Choose Your Beneficiary. Choosing a beneficiary on a life insurance policy can be as challenging as figuring out what kind of life insurance to buy.
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- Beneficiary. A beneficiary is a person or an entity, such as a charity, who is named to receive assets from an estate, a trust or an insurance policy. A person drafting a will may name individuals and organizations as beneficiaries.Beneficiaries can be a spouse, children and grandchildren, relatives, friends and even pets.he executor must locate the decedent’s assets, file the will in probate court if necessary, notify agencies of the death, establish a bank account in the name of the estate to accept incoming funds and pay expenses, and distribute remaining property to beneficiaries and heirs.
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- A beneficiary is the person or entity you name (i.e., designate) to receive the death benefits of a life insurance policy. Some states require that your beneficiary have an insurable interest in your life or be related to you (at least at the time the contract is initiated), while others have no such restriction. change of beneficiary made in your will does not override the beneficiary designation of your life insurance policy. If you want to change the beneficiary of your life insurance, execute a change-of-beneficiary form.