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What is Beneficiary?
A beneficiary can be a person or an entity, which is a company or organization. It can also be a number of persons which will then be called beneficiaries.
A beneficiary is someone who collects funds/monies from a benefactor.
Example, a benefactor bought a life insurance policy on his/her life and when he/she passes away, the beneficiary or beneficiaries which is named will receive the monies.
In legal terms, a beneficiary or beneficiaries can receive money through a written agreement such as a Will, or through a Trust.
Businesses can be beneficiaries as well. Through a business transaction, a business can benefit through commissions, profit sharing, etc.
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