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Beneficiary definition in finance. ... in some cases you may even have a third option — a tertiary beneficiary — in case the primary or contingent beneficiaries are unable to collect or cannot ...
A donee beneficiary can sue the promisor directly to enforce the promise. (Seaver v. Ransom, 224 NY 233, 120 NE 639 [1918]). A donee beneficiary is when a contract is made expressly for giving a gift to a third party, the third party is known as the donee beneficiary. The most common donee beneficiary contract is a life insurance policy.
A beneficiary in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured. In trust law, beneficiaries are also known as cestui que use.
The person identified in such a clause is called the residuary taker, residuary beneficiary, residuary legatee, or residuary devisee. [2] Such a clause may state that, in the event that all other heirs predecease the testator , the estate would pass to a charity (that would, presumably, have remained in existence).
A secondary beneficiary, also called a contingent beneficiary, is a person or entity entitled to get a distribution of assets from an estate or trust after the estate owner's death if the primary ...
This is where contingent beneficiaries come in. The death proceeds from life insurance policies can have multiple uses, such as paying funeral costs, paying off debt, completing mortgage payments ...
The beneficiaries of a trust are the beneficial owners of equitable interests in the trust assets, but they do not hold legal title to the assets. Thus this kind of trust fulfills the goal of asset protection planning, i.e. to insulate assets from claims of creditors without concealment or tax evasion.
Tertiary Education Trust Fund, abbreviated as TETFUND, is a scheme established by the Federal Government of Nigeria in 2011 to disburse, manage, and monitor education tax to government-owned tertiary institutions in Nigeria. [1] [2] The TETFUND scheme was formed as a product of the Education Tax Act of 1993. This Act repeals the Education Tax ...