Beneficiary

A beneficiary (also, in trust law, cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example: The beneficiary of a life insurance policy, is the person who receives the payment of the amount of insurance after the death of the insured. The beneficiaries of a trust are the persons with equitable ownership of the (law)|will]] are called devisees or legatees according to local custom.

Most beneficiaries, may be designed to designate where the assets will go once the owner(s) ceases to exist. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, then the assets will probably pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose.

The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third-party beneficiary of a contract is a person whom the parties intend to benefit from its provisions but who is not a party to the contract. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include in its agreements provisions that protect those who provided code to that licensor.

In the context of development aid, the term "beneficiaries" refers to the persons and the communities that utilize the project outputs, i.e., the entities that development-aid projects

Other articles related to "beneficiary":

Benefit Period - Medicare
... Medicare, a Benefit period begins the day a beneficiary is admitted to a hospital or skilled nursing facility (SNF) ... The benefit period ends when the beneficiary has not received any inpatient hospital care (or skilled care in a SNF) for 60 days in a row ... If a beneficiary is readmitted into a hospital or SNF after one benefit period has ended, a new benefit period begins ...
Segregated Fund - Features - Probate Protection
... If a beneficiary is named, the segregated fund investment may be exempt from probate and executor’s fees and pass directly to the beneficiary ... If the named beneficiary is a family member (such as a spouse, child, or parent), the investment may also be secure from creditors in case of ...
Marcia Anastasia Christoforides - Beneficiary
... death of her husband in 1956 she became the beneficiary of a large estate and also the administrator of a fund to be used for charitable purposes ...
insurance" class="article_title_2">Teacher Retirement System Of Texas - Member, Beneficiary, and Fiduciary Services - Long Term Care Insurance
... Eligible persons between the ages of 18 and 80 include active Texas public school Employees who are contributing members of TRS and TRS Retirees, their spouses, parents and parents-in-law, and grandparents who are eligible may apply ... Eligible persons must be legal U.S ...
Stepped-up Basis - General Rule
... the general rule applied to property a beneficiary receives from a benefector is that the beneficiary's basis equals the fair market value of the property at the time the decedent dies ... If Decedent bequeaths the home to Beneficiary, Beneficiary's basis in the home will be the fair market value, $200,000 ... In contrast, had Decedent given the home to Beneficiary before their death, Beneficiary would receive a carryover basis, which would be equal to the decedent's adjusted basis in the home ...