A person or organisation entitled to receive something — money, property or a gift — under a will, trust or policy.
What it means
A beneficiary is someone who benefits from a will, trust, superannuation fund or insurance policy. In the context of a will, beneficiaries are the people or charities the will-maker has chosen to leave gifts to. Beneficiaries have certain rights, including the right to be kept reasonably informed about the administration of the estate, but they generally cannot deal with the assets until the executor has finished the administration.
How it's used
Under the will, the two children were the main beneficiaries, while a local charity was left a gift of $5,000.
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