Beneficiaries

Word Origin early 17th century: from Latin beneficiarius, from beneficium (see benefice). On himself, during his later years, he spent only a third part of his pension, giving away the rest to a small army of beneficiaries. Some of these persons, through no claim on him but their nee he had rescued from abject distress and supported in his own house, where, so far from being grateful, they quarreled among themselves, complained of the dinner, or even brought their children to live.

Beneficiary definition, a person or group that receives benefits, profits, or advantages. How to use beneficiary in a sentence.

A beneficiary is an individual that receives a benefit, which is typically a monetary advantage. The distributions typically come with tax consequences and sometimes various stipulations. These examples are from the Cambridge English Corpus and from sources on the web.

Any opinions in the examples do not represent the opinion of the Cambridge Dictionary editors or of Cambridge University Press or its licensors. 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.

BISP regional or field offices are also coordinating with concerned authorities at local level for broadcasting of FM Radio messages as well as visiting villages and union councils to deliver lectures to beneficiaries for their awareness regarding withdrawals of their full amounts and to avoid other illegal activities, the official informed. Synonyms for beneficiaries at Thesaurus.

Find descriptive alternatives for beneficiaries. Cestui que use redirects here. In trust law, a beneficiary or cestui que use, a. A person or organization you leave your assets to is known as a beneficiary.

You can name any person, family member, frien organization, or institution as a beneficiary. Wills must go to probate court to prove their validity. Beneficiaries of a will must be notified no later than three months after the will is accepted for probate. Leaving behind a pension. There are some types of pension that you can leave to someone after you die.

The payments your beneficiary gets depends on factors like their age and their health. If Estate Research has contacted you, we believe you or someone you know may be beneficiaries to an unclaimed estate we are working on. These people have certain rights once the will takes effect, though the specific rights each has can differ from state to state. A guide to the different types of Trust you can set up for beneficiaries in your Will, the scenarios Trusts could be used in and the things to consider. The executor has an obligation to the beneficiaries to exercise reasonable diligence when administering the estate.

While state probate laws define what constitutes “reasonable,” in general, the executor should transfer ownership of all beneficiaries ’ inheritance within a year after the decedent’s passing. Unless there is a valid objection, the judge will appoint the person named in the will to be executor. Primary beneficiaries are the account owner’s first choice for a beneficiary.

In the event of death, the first person who can claim the assets is the primary beneficiary. What is beneficiary involvement and why do it? Involving beneficiaries encompasses a whole range of activity from asking their opinions on services you provide, to including them on recruitment panels for staff and volunteers and involving them in the running of the organisation at board level. So when your big sister finally moves away to college and you get to move into her bigger bedroom?

No oneto think about dying, but a life insurance policy can be a critical tool of transition for your loved ones. When you play Your Charity Lottery, you get to support a cause close to your heart. Find out about each of our beneficiaries here to choose which charity you’d most like to support. Beneficiaries are individuals or legal entities that receive a gift or inheritance from a will.

A beneficiary of a will has certain specific legal rights to ensure that their inheritance is duly managed and transferred to them in accordance with the terms of the will. Short of the courts, no there is nothing. Executors are not obliged to tell beneficiaries anything until they come to pay out.

An individual in whom another has placed the utmost trust and confidence to manage and protect property or money.