FINAL BENEFICIARY
\fˈa͡ɪnə͡l bˌɛnɪfˈɪʃəɹi], \fˈaɪnəl bˌɛnɪfˈɪʃəɹi], \f_ˈaɪ_n_əl b_ˌɛ_n_ɪ_f_ˈɪ_ʃ_ə_ɹ_i]\
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The person or institution designated to receive trust property upon the death of a life beneficiary. For example, Jim creates a trust through which his wife Jane receives income for the duration of her life. Their daughter, the final beneficiary, receives the trust principal after Jane's death.
By Oddity Software
Word of the day
basidiomycota
- comprises fungi bearing the spores on basidium: Gasteromycetes (puffballs); Tiliomycetes (comprising orders Ustilaginales (smuts) and Uredinales (rusts)); Hymenomycetes (mushrooms; toadstools; agarics; bracket fungi); in some classification systems considered a division of kingdom comprises fungi bearing spores on a basidium; includes Gasteromycetes (puffballs) Tiliomycetes comprising the orders Ustilaginales (smuts) and Uredinales (rusts) Hymenomycetes (mushrooms, toadstools, agarics bracket fungi).