Beneficiary designations can be complex. For example, by naming a specific beneficiary in a life insurance policy, the proceeds of the insurance policy will not be subject to the will or to probate and will pass directly to the named beneficiary. There are many different kinds of beneficiaries, such as primary or contingent beneficiaries, and the named beneficiary need not be an individual. A named beneficiary of an insurance policy, for example, can be the estate of the deceased, in which case the actual beneficiaries will be designated in the will.
Investment dictionary. Academic. 2012.
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beneficiary — ben·e·fi·cia·ry /ˌbe nə fi shē ˌer ē, fi shə rē/ n pl ries: a person or entity (as a charity or estate) that receives a benefit from something: as a: the person or entity named or otherwise entitled to receive the principal or income or both from … Law dictionary
beneficiary — [ben΄ə fish′ē er΄ē, ben΄əfish′ər ē] adj. [L beneficiarius] of or holding a benefice n. pl. beneficiaries 1. a holder of a benefice 2. anyone receiving benefit 3. a person named to receive the income or inheritance from a will, insurance policy,… … English World dictionary
beneficiary — /benafish(iy)ary/ One who benefits from act of another. A party who will benefit from a transfer of property or other arrangement. Examples include the beneficiary of a trust, the beneficiary of a life insurance policy, and the beneficiary of an… … Black's law dictionary
Beneficiary Clause — A beneficiary clause is a provision in a life insurance policy or other investment vehicle such as an annuity or IRA that permits the policy owner to name individuals as primary and secondary beneficiaries. The policy owner typically may change… … Investment dictionary
beneficiary — noun (plural ries) Date: 1662 1. one that benefits from something 2. a. the person designated to receive the income of a trust estate b. the person named (as in an insurance policy) to receive proceeds or benefits • beneficiary adjective … New Collegiate Dictionary
Beneficiary — A person or entity named in a will or a financial contract as the inheritor of property when the property owner dies. A beneficiary can be a spouse, child, charity or any entity or person to whom the property owner would like to leave his or her… … Investment dictionary
beneficiary — A person who receives a benefit or advantage. State v Willett, 17 Ind 296, 86 NE 68; a person receiving or entitled to receive a gift, a devise, or legacy; a cestui que trust; a person who is entitled to receive or who is receiving profit,… … Ballentine's law dictionary
Alternate Beneficiary — In a will, an alternate beneficiary is usually named in case a person who is the named beneficiary refuses or disclaims the inheritance. In an insurance policy, an alternate beneficiary is usually a secondary or contingent beneficiary who… … Investment dictionary
incidental beneficiary — see beneficiary d Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. incidental beneficiary n. A person who is … Law dictionary
alternate beneficiary — A person, organization, or institution that receives property through a will, trust, or insurance policy when the first named beneficiary is unable or refuses to take the property. For example, in his will Jake leaves his collection of sheet… … Law dictionary