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A beneficiary is a person or organisation named in a will or trust to receive part of an estate. Beneficiaries can inherit money, property, or specific items once debts and expenses are settled.
Legal Reference:
- Defined by the will or governed by the rules of intestacy under the Administration of Estates Act 1925 if no will exists.
- Beneficiaries have no legal responsibilities during probate but may challenge a will if they believe they’ve been unfairly treated.
Sources:
- Wikipedia – https://en.wikipedia.org/wiki/Beneficiary_(trust)
- Wikidata – https://www.wikidata.org/wiki/Q17017187
- Knowledge Graph – https://www.google.com/search?kgmid=/m/02rzf_
- DBpedia – http://dbpedia.org/resource/Beneficiary_(trust)
- Product Ontology – http://www.productontology.org/id/Beneficiary
