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Final Beneficiary

Definition - What does Final Beneficiary mean?

A final beneficiary is someone who inherits property that is derived from a trust in which the person who left the financial bequeathment to dies. Since the first person who instituted the trust was also a beneficiary of the trust (during their lifetime), the person who inherits the trust after the passing is by default the final beneficiary. With each succession of rights to a trust new documentation would be created.

Justipedia explains Final Beneficiary

A final beneficiary can be either known or unknown at the time of the primary beneficiary's passing; if they are unknown, the trust executor is required to attempt to locate the final beneficiary. In most cases, the final beneficiary is known or at least stipulated in a known will.

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