Video Transcript:
In the financial world, a beneficiary typically refers to someone who is eligible to receive distributions from a trust, will or life insurance policy. Beneficiaries are either named specifically in legal documents or they have met the specifications that make them eligible for whatever distribution is specified.
Typically, any person or entity can be named as a beneficiary of a trust, will or life insurance policy. The benefactor, who is the person distributing the funds, can put various stipulations on the disbursement of funds. For example, the beneficiary must have attained a certain age or be married in order to receive any funds.
For more information regarding beneficiaries and benefactors, please visit LifeInsuranceType.com or call the number below to speak with one of our representatives.