Beneficiary

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A Beneficiary is a person or charity that receives the benefit of certain property or the right to certain property that belongs to another person either at the time of that other person’s death or during that other person’s lifetime. A beneficiary can receive the benefit of such property either outright (in a lump sum payment) or in a trust in which the benefit is distributed to the Beneficiary over time (e.g., a period of years or for the rest of the Beneficiary’s lifetime). A Beneficiary may be, but does not have to be, related to the person whose property is providing the benefit to the Beneficiary.


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