Life Beneficiary

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Life Beneficiary

A person designated in will to receive a certain asset or instrument for the remainder of his/her life. For example, in a will, a farmer may grant ownership of his farm to his children, but they may not take possession of it while their mother is alive. In this situation, the mother is the life beneficiary and has the right to live in the farm house for the rest of her life.
References in periodicals archive ?
Most disturbing is a substantiated complaint that defendant had herself and her son named as life beneficiaries on a deceased client's life insurance policy.
When employees go online to name their group life beneficiaries and provide other information, they not only reduce paper waste, they improve accuracy.
In IRS Letter Ruling 9120016,[114] the grantor established a charitable remainder unitrust naming himself and his spouse as life beneficiaries and a charity as remainder beneficiary.
Save One Life beneficiaries receive money directly from their sponsors, with only a small percentage given to the national or local hemophilia nonprofit organizations that register and care for them.