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 ?
The main new attribute of the project is its complexity and systematic approach to increase the visibility and attractiveness of the LIFE programme in respect to new applicants, building on the knowledge and proved best practices from other national contact points and successful LIFE beneficiaries, and by sharing the outcomes of the programme with professionals in the field of nature protection and eco-innovations and the general public via promotion of the best results gained with the support of LIFE funding at information seminars, in media and by spreading the information through personal contacts.
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.
Specifically, he explained, in 2006, almost $21 billion in death benefits were paid to group life beneficiaries, which represented about 37% of all death payments.
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.