Beneficiary

A beneficiary is someone named to receive property or benefits after someone else dies.

It is commonly used in insurance to designate the person receiving the proceeds of the policy upon the death of the insured. Most policies, though, will not pay if the beneficiary purposely caused the death of the insured in order to collect benefits.

However, it can also be used to designate the recipient of property or benefits in a will, a trust, an annuity, or other property to pass outside of probate.