Beneficiary

The term "Beneficiary" may be used in a couple of different contexts.

• Will/Intestacy: A person who is entitled to inherit property from a decedent under a will or by virtue of intestate succession.
• Trusts: The person for whose benefit a trust is created. The Beneficiary of a trust holds equitable title to the trust assets. This means that the Beneficiary has the right to use and enjoy the property held in trust.

Beneficiaries in either context may be spouses, children, grandchildren, other family members, charities, or any other type of person or entity, so long as they are sufficiently identified within the estate planning documents.