A beneficiary is a person or organization that is named in a will to receive assets or property from the estate of the person who made the will (the testator). Beneficiaries can be individuals, such as family members or friends, or organizations, such as charities or other non-profit entities.
In a will, beneficiaries are defined as the person or entity that will receive a bequest. A bequest is defined as a gift of personal property by will. The bequest can be a specific item, a sum of money, or a percentage of the estate, and the testator can name one or more beneficiaries to receive it. The testator can also specify that the beneficiary receive the bequest when certain conditions are met, such as reaching a certain age.
It's important to note that the beneficiaries do not have any rights to the property until the will is probated and the assets are distributed according to the will.
It's also important to note that beneficiaries are distinct from the executor, who is the person appointed in a will to carry out the testator's instructions and distribute the assets of the estate to the beneficiaries.
A fiduciary is a person or organization that has a legal duty to act in the best interests of another party. Fiduciary responsibilities include duties of loyalty, care, and confidentiality. Examples of fiduciaries include trustees, executors, guardians, and financial advisors. In a fiduciary relationship, the fiduciary is required to put the interests of the other party ahead of their own. They must also act with care, skill, prudence, and diligence in managing the assets or property of the other party.
A trustee is a person or organization that holds and manages assets or property for the benefit of one or more beneficiaries. A...
