A beneficiary is someone who receives money, property, or other benefits from a
Will,
trust, life insurance policy, or financial account. This could be a family member, friend, charity, or even a trust itself.A beneficiary is someone who receives money, property, or other benefits from a Will, trust, life insurance policy, or financial account. This could be a family member, friend, charity, or even a trust itself.
When you
set up a Will, you’ll name beneficiaries to inherit your assets when you pass away. The same goes for life insurance policies, pensions, and annuities – you decide who should receive the funds. This can be a straightforward cash sum, a specific item, or a share of what’s left after your other commitments are settled.
In some areas of law, it can also be common to set restrictions or conditions before a beneficiary can access their share, such as stating a minimum age or specific milestone. This gives you more control over how and when they will benefit from any assets distributed.
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