Definition - What does Beneficiary mean?
A beneficiary is someone who inherits assets or personal property from another person who has recently died. It can also mean the person to whom dividends resultant from a trust are paid to. The beneficiary only receives the monies and is not the person responsible for ensuring that such funds are properly disbursed. There can be many beneficiaries on a trust or in a will. Life insurance is also paid out to a beneficiary, who may or may not be responsible for splitting monies with other parties.
Justipedia explains Beneficiary
A beneficiary usually has to be over the age of 18; in cases where the beneficiary is under the age of 18, a person over 18 is appointed as the trustee over the monies or assets and is responsible for ensuring that the beneficiary receives their entitled sum at the stipulated point in the future named in the trust or will. If there is no date, it is usually disbursed on the 18th or 21st birthday of the beneficiary.