A "beneficiary" (also, in trust law In common law legal systems, a trust is a relationship whereby property is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor (or feoffor to uses), who entrusts some or all of their property to people of their choice (the trustees or feoffee to uses). The trustees hold legal title to, cestui que use) in the broadest sense is a natural person In jurisprudence, a natural person is a human being, as opposed to an artificial, legal or juristic person, i.e., an organization that the law treats for some purposes as if it were a person distinct from its members or owner or other legal entity who receives money Money is any object that is generally accepted as payment for goods and services and repayment of debts in a given country or socio-economic context. The main functions of money are distinguished as: a medium of exchange; a unit of account; a store of value; and, occasionally, a standard of deferred payment or other benefits Employee benefits and benefits in kind (also called fringe benefits, perquisites, perqs or perks) are various non-wage compensations provided to employees in addition to their normal wages or salaries. Where an employee exchanges (cash) wages for some other form of benefit, this is generally referred to as a 'salary sacrifice' arrangement. In most from a benefactor A benefactor is a person who gives some form of help to benefit a person, group or organization , often gifting a monetary contribution in the form of an endowment to help a cause. Benefactors are humanitarian leaders and charitable patrons providing assistance in many forms, such as an alumnus from a university giving back to a college or an. 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. The beneficiaries of a trust In common law legal systems, a trust is a relationship whereby property is managed by one person (or persons, or organizations) for the benefit of another. A trust is created by a settlor (or feoffor to uses), who entrusts some or all of their property to people of their choice (the trustees or feoffee to uses). The trustees hold legal title to are the persons with equitable ownership of the trust assets, although legal title is held by the trustee Trustee is a legal term for a holder of property on behalf of a beneficiary. A trust can be set up either to benefit particular persons, or for any charitable purposes : typical examples are a will trust for the testator's children and family, a pension trust (to confer benefits on employees and their families), and a charitable trust. In all. The term can also be described as an "inheritance" used in the context for the party (heir or heiress) receiving the property related thereto. Beneficiaries in other contexts are known by other names: for example, the beneficiaries of a will A will or testament is a legal declaration by which a person, the testator, names one or more persons to manage his estate and provides for the transfer of his property at death. For the devolution of property not disposed of by will, see inheritance and intestacy are called devisees or legatees A legatee, in the law of wills, is any individual or organization bequeathed any portion of a testator's estate according to local custom.
Most beneficiaries, may be designed to designate where the assets will go once the owner(s) ceases to exist. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, then 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 who, although not a party to the contract, the parties intend will benefit from its provisions. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include provisions in its agreements which protect those who provided code to that licensor.
In development aid Development aid or development cooperation is aid given by governments and other agencies to support the economic, social and political development of developing countries. It is distinguished from humanitarian aid by focusing on alleviating poverty in the long term, rather than a short term response. The term development cooperation, which is project are called "beneficiaries" the persons and the communities that utilize the project outputs. They are the persons that the projects aim at empowering by giving development assistance Development aid or development cooperation is aid given by governments and other agencies to support the economic, social and political development of developing countries. It is distinguished from humanitarian aid by focusing on alleviating poverty in the long term, rather than alleviating suffering in the short term. The term development or humanitarian relief Humanitarian aid is material or logistical assistance provided for humanitarian purposes, typically in response to humanitarian crises. The primary objective of humanitarian aid is to save lives, alleviate suffering, and maintain human dignity. It may therefore be distinguished from development aid, which seeks to address the underlying. In an improper manner sometimes is called "beneficiary" also the Organization that receives a grant from a donor A donation is a gift given by physical or legal persons, typically for charitable purposes and/or to benefit a cause. A donation may take various forms, including cash, services, new or used goods including clothing, toys, food, vehicles, it also may consist of emergency, relief or humanitarian aid items, development aid support, and can also. This is more in line with the general legal terminology but generate confusion. It is an equivocal use of the term because the development projects are not done in order to benefit those who work at it, but those for whom the work is meant for.
See also
- Beneficiary (trust) In trust law, a beneficiary or cestui que use, a.k.a. cestui que trust, is the person or persons who are entitled to the benefit of any trust arrangement. A beneficiary will normally be a natural person, but it is perfectly possible to have a company as the beneficiary of a trust, and this often happens in sophisticated commercial transaction
- Estate planning Estate planning is the process of anticipating and arranging for the disposal of an estate. Estate planning typically attempts to eliminate uncertainties over the administration of a probate and maximize the value of the estate by reducing taxes and other expenses. Guardians are often designated for minor children and beneficiaries in incapacity
- Inheritance Inheritance is the practice of passing on property, titles, debts, and obligations upon the death of an individual. It has long played an important role in human societies. The rules of inheritance differ between societies and have changed over time
| This legal term article is a stub. You can help Wikipedia by expanding it. |
Categories: Legal terms Categories: Legal communication | Terminology | Law | Insurance terms |
|
