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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.
Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, 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.
The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third-party beneficiary of a contract is a person whom the parties intend to benefit from its provisions but who is not a party to the contract. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include in its agreements provisions that protect those who provided code to that licensor.
In the context of development aid, the term "beneficiaries" refer to the persons and the communities that use the project outputs: the entities that development-aid projects.
My father in law passed away mid 2019 and is survived by 2 children, my wife and her brother, who lives interstate. My brother in law went through a divorce in 2007, and my FIL gave him $300K out of his inheritance for bills and to purchase his house. My FIL changed the will outlining that my...
My father made up a new Will during stage 4 cancer 4& a 1/2 months before he died. My inheritance went from 80% in previous Will down to 10%. My brother's went from 20% to 70%and the remaining 10%to new beneficiaries,relatives of the new executor.The new will incorrectly states my name...
Hi Everyone,
My mother and her sister (my aunt) were named 50/50 equal beneficiaries of a house left to them by their Uncle. My aunt is also the Executor of the will.
My aunt has been very unforthcoming with information about the estate and has shared few details with my mum about when the...
My father died 20 months ago, the executor has been granted probate which was received about six after death, all assets have disposed of except for some investment shares. The only thing I am not sure of is whether the final tax return has been lodged. I am one of two beneficiaries with a 50/50...
My aunt is executor of will of my late grandmother's deceased estate which is given to me as the main beneficiary. I don't want it and want to distribute it to other family members. Can I disclaim a benefit by making an affidavit with the condition to have it distribute to others?
It has been six months since my father in law passed and we have requested information from the administrator of his estate (no probate on estate and she did not apply for probate even though she said she did we had to apply to the courts to find out) for either a letter or information on...
I need some opinion/advice, please. There are 4 executors (all siblings) to the will of our late mother. We are also the beneficiaries. The will states that all assets are to be divided equally in value to the 4 beneficiaries. The issue we have is that one of the executors/beneficiaries...
I'm from China but my case involving a former minister of Queensland MP I met in China for fraud and scandal. He's my fiance for 6 years, we're partners in life and business. He's disappeared now left me with forged legal documents and probably still married lied about his wife's death also...
Hi, there is a situation where there is a dispute which is escalating. There are two executors who are also the parties in the dispute. The executors are also the two beneficiaries. One of the executors lives in the home of the estate. They are denying access to the home to the other executor...
I have questions about an Easement Dispute which I brought before SAT, DC, SCWA, COA and finally the HCA. The issue is: There is no exclusivity principle as decided by the judges because the lawyer preparing the conveyance should have documented it in the title deeds or by a separate covenant...