Who is a Beneficiary?

A beneficiary is a person who stands eligible for receiving benefits or distributions from a trust, will or insurance policies. He/she is either specifically named in these documents or are most eligible as per the speculations. The eligibility is determined either by the documents or the legal norms which will define a legal heir. The person who buys the insurance is asked the name of the beneficiary when the policy commences. In addition, insurance policies also have provision for assigning a contingent beneficiary when the primary beneficiary is no more or does not satisfy the age criteria.