Beneficiary

Tax Glossary Definition

Beneficiary

A beneficiary is an individual or organization that is legally entitled to receive income, benefits, or assets from a trust, will, or settlement. The entitlement is defined by the terms of the legal instrument creating the arrangement. A beneficiary may receive periodic income, a lump-sum amount, or specific property or assets, depending on the provisions laid out by the settlor or testator.

Example: A child who receives income or assets from a trust created by their parents is regarded as a beneficiary of that trust.

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