A beneficiary is an individual, organization, or entity that receives benefits or advantages from a particular situation, program, or arrangement.
In the context of estates and wills, a beneficiary is someone designated to inherit assets, property, or funds from a deceased person.
In insurance policies, a beneficiary is the person or entity chosen by the policyholder to receive financial proceeds in the event of the policyholder’s death or another specified event.
In retirement plans like 401(k)s or IRAs, a beneficiary is the person chosen to receive the remaining funds in the account upon the account holder’s death.
In trust agreements, a beneficiary is the individual or group for whom the trust is created to manage and distribute assets according to the trustor’s wishes.
This refers to an organization or cause designated to receive benefits, either through wills, trusts, or other financial arrangements, with the purpose of supporting a charitable mission.
In the event that the primary beneficiary is unable to receive the benefits, a contingent beneficiary is the alternative recipient specified in a legal document or agreement.
Similar to retirement plans, pension plans designate beneficiaries to receive pension benefits in the event of the pension holder’s death.
The legal process through which a deceased person’s will is validated, and their estate is distributed to beneficiaries under the supervision of the court.
In various contexts such as pensions or life insurance, survivorship benefits are provided to the designated beneficiaries when the primary account holder or insured person passes away.
The process of arranging for the orderly distribution of one’s assets to beneficiaries, often involving the creation of wills, trusts, and other legal documents.
Beneficiaries of government programs receive support, financial assistance, or services from the government, such as Social Security beneficiaries or beneficiaries of welfare programs.
Refers to an individual designated to receive educational benefits, scholarships, or funds to support their academic pursuits.