Beneficiaries

Beneficiaries are individuals or entities that receive benefits, assets, or profits from something, such as a trust, insurance policy, or will. For example, when someone passes away and has a will, the beneficiaries are the people named in that document who will inherit that person's possessions or money. In insurance, if the policyholder dies, the designated beneficiaries receive the payout. Essentially, beneficiaries are appointed to ensure that the intended recipients receive specific assets or benefits under predetermined conditions.