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Beneficiary definition in finance. As you’re opening almost any kind of financial account — a bank account, life insurance, a brokerage account, retirement accounts such as a 401(k) ...
A beneficiary is a person or entity you designate to receive the benefits of a particular account or policy after your death. Designating, reviewing and updating beneficiaries are basic tasks of ...
Legatee – beneficiary of personal property under a will, i.e., a person receiving a legacy. Probate – legal process of settling the estate of a deceased person. Residuary estate - the portion of an estate remaining after the payment of expenses and the distribution of specific bequests; this passes to the residuary legatees.
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.
A lineal or direct descendant, in legal usage, is a blood relative in the direct line of descent – the children, grandchildren, great-grandchildren, etc. of a person.In a legal procedure sense, lineal descent refers to the acquisition of estate by inheritance by parent from grandparent and by child from parent, whereas collateral descent refers to the acquisition of estate or real property ...
Unlike a revocable beneficiary, who can be swapped out at any time by the policyholder, an irrevocable beneficiary has irreversible rights to the policy death benefit, adding an extra layer of ...
A thesaurus (pl.: thesauri or thesauruses), sometimes called a synonym dictionary or dictionary of synonyms, is a reference work which arranges words by their meanings (or in simpler terms, a book where one can find different words with similar meanings to other words), [1] [2] sometimes as a hierarchy of broader and narrower terms, sometimes simply as lists of synonyms and antonyms.
Some financial assets, like bank accounts and retirement portfolios, are designed to pass from one person to another. This designated recipient is known as a "beneficiary," meaning that you have ...