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Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
More Details
A beneficiary is a person or entity that is designated to receive assets or benefits from a will, trust, insurance policy, or other legal document. Beneficiaries are often named in these documents to ensure that the assets or benefits are distributed according to the wishes of the person who created the document.
Example
In the case of a life insurance policy, the beneficiary is the person or organization that will receive the payout from the policy when the insured person passes away.
Related Terms
Education Savings Account (ESA)
A type of investment account designed to help families save for the future education expenses of a designated beneficiary.
Interest Rate
A percentage of a loan or deposit balance that is charged by a lender or financial institution for the use of its money.
Custodian
A person or entity that holds and safeguards assets on behalf of another entity.