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Beneficiaries

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Beneficiaries
The Beneficiaries are the persons or companies who may benefit from the assets held in a Trust. Or the person to whom an inheritance passes after being named in a Will.
    
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. 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 beneficiaries of a 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 likely 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 who, although not a party to the contract, the parties intend Will benefit from its provisions. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include provisions in its agreements which protect those who provided code to that licensor.
Posted by  Institute for International Research
 
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