Should I name my estate as a beneficiary? A named beneficiary is an individual , decreed by a written legal document , who is entitled to collect assets from a trust , insurance policy , pension plan account , IRA ,. 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. Now, here’s the longer explanation: a beneficiary is a person or organization (nonprofit or charity) you name in certain legal documents—like a will or a life insurance policy—to receive all or some of your assets (money and other stuff you own) when you pass away. As long as they are alive–a deceased person cannot receive property –you can name them as a beneficiary.

You can name your spouse, children, other friends or loved ones. One that receives a benefit: I am the beneficiary of your generosity. The recipient of funds, property, or other benefits, as from an insurance policy or trust.
Ecclesiastical The holder of a benefice. Beneficiaries are either named specifically in. How to use beneficiary in a sentence. An unborn child may even be the beneficiary of a trust. In trust law, there is no requirement that the beneficiary of a trust be a person, so it is perfectly legal to name a corporate or non-profit organization as a beneficiary.







