Wednesday, July 27, 2011

Definition of the Week: Beneficiary

Beneficiary: A person or persons who benefit from the generosity of a grantor or benefactor. A person who receive an inheritance. The beneficiary may be a child, grandchild, or any other natural person or a charitable organization. Beneficiaries are the persons named in a testamentary document as recipients of a benefactor's or grantor's generosity. The grantor or benefactor may be a parent, grandparent, or any individual. A beneficiary is not necessarily an heir (or child). For example, your church may be a beneficiary, but would not be defined as an heir. Also, an heir (or child) is not necessarily a beneficiary. For example, you may disinherit an heir (or child), which means that particular heir (or child) would not be a beneficiary.

No comments: