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Beneficiary
Plain English
The person or entity designated to receive money or benefits from an account or policy, such as after the account holder's death.
Professional definition
A person or entity legally designated to receive the proceeds or benefits of a financial account, insurance policy, trust, or estate.
Example
Naming a spouse as the beneficiary on a life insurance policy means they generally receive the death benefit directly.
Common misconception
Beneficiary designations on accounts (like retirement accounts or life insurance) generally override instructions in a will — keeping them updated matters.