Dictionary Meaning and Definition on 'Beneficiary'
adj : having or arising from a benefice; "a beneficiary baron"
- the recipient of funds or other benefits [syn: donee]
- the semantic role of the intended recipient who benefits from the happening denoted by the verb in the clause [syn: benefactive role]
- Beneficiary \Ben`e*fi"ci*a*ry\, a. [Cf. F. b['e]n['e]ficiaire,
- Holding some office or valuable possession, in subordination to another; holding under a feudal or other superior; having a dependent and secondary possession. A feudatory or beneficiary king of England. --Bacon.
- Bestowed as a gratuity; as, beneficiary gifts.
- Beneficiary \Ben`e*fi"ci*a*ry\, n.; pl. Beneficiaries.
- A feudatory or vassal; hence, one who holds a benefice and uses its proceeds. --Ayliffe.
- One who receives anything as a gift; one who receives a benefit or advantage; esp. one who receives help or income from an educational fund or a trust estate. The rich men will be offering sacrifice to their Deity whose beneficiaries they are. --Jer. Taylor.
Wikipedia Meaning and Definition on 'Beneficiary'
A "beneficiary" (also, in trust law, cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. 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.
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 probably 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.[See more about Beneficiary at Dictionary 3.0 Encyclopedia]
Words and phrases related to 'Beneficiary'