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The beneficiary is typically a person, but it could be any number of individuals, as well as other entities: A trustee of your trust. Your estate. A charity or other such organization. A single person
A life insurance beneficiary is the person who receives the life insurance payout from your policy when you die. The beneficiary or beneficiaries can typically use this money in any way they see fit.
Trusts are a useful tool for financial and estate planning, allowing a family to set assets aside to be passed on when someone dies. They can also help your family potentially avoid the headaches ...
Upon the death of the insured, the trustee invests the insurance proceeds and administers the trust for one or more beneficiaries. If the trust owns insurance on the life of a married person, the non-insured spouse and children are often beneficiaries of the insurance trust. If the trust owns "second to die" or survivorship insurance which only ...
In South Africa, in addition to the traditional living trusts and will trusts there is a "bewind trust" (inherited from the Roman-Dutch bewind administered by a bewindhebber) [51] in which the beneficiaries own the trust assets while the trustee administers the trust, although this is regarded by modern Dutch law as not actually a trust. [52]
A beneficiary 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. In trust law, beneficiaries are also known as cestui que use.
Trustee vs. Beneficiary Rights and Responsibilities A trust is a legal arrangement in which one person, called a grantor , transfers the management of assets to someone else. That someone else is ...
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