Who is the Beneficiary?
A "beneficiary" in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor, the giver. 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 trust assets, although legal title is held by the trustee. The term can also be described as an "inheritance" used in the context for the party, heir or heiress, receiving the property related thereto. Beneficiaries in other contexts are known by other names: for example, the beneficiaries of a will are called devisees or legatees according to local custom. If you would like to learn more about how to name beneficiaries or are one yourself and want to know more about your interest, call us today at Sagaria Law to set up an appointment.