BENEFICIARY
Beneficiary
In trust law, a beneficiary or cestui que use, a.k.a. cestui que trust, is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction structures. With the exception of charitable trusts, and some specific anomalous non-charitable purpose trusts, all trusts are required to have ascertainable beneficiaries.The above text is a snippet from Wikipedia: Beneficiary (trust)
and as such is available under the Creative Commons Attribution/Share-Alike License.
beneficiary
Noun
- One who benefits or receives an advantage.
- You are the lucky beneficiary of this special offer.
- One who benefits from the distribution, especially of an estate.
- If any beneficiary does not survive the Settlor for a period of 30 days then the Trustee shall distribute that beneficiary’s share to the surviving beneficiaries by right of representation.
Adjective
- Holding some office or valuable possession, in subordination to another; holding under a feudal or other superior; having a dependent and secondary possession.
- Bestowed as a gratuity.
- beneficiary gifts
The above text is a snippet from Wiktionary: beneficiary
and as such is available under the Creative Commons Attribution/Share-Alike License.