Beneficiary Designation
/ˌbɛnəˈfɪʃɛri dɛzɪɡˈneɪʃən/
Definitions
- (n.) A formal designation naming the person(s) entitled to receive benefits from a legal arrangement, such as a trust, insurance policy, or retirement plan.
The beneficiary designation on her life insurance policy ensures her children receive the payout.
Forms
- beneficiary designation
- beneficiary designations
Related terms
See also
Commentary
Precision in naming beneficiaries avoids disputes and ensures proper asset distribution under the legal instrument.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.