In real estate and other facets of financial planning, a 'Beneficiary' is a person or entity designated to receive benefits or assets, such as proceeds from a life insurance policy, trusts, or estates.
A written statement by a trustee acknowledging that the property is held for the benefit of another party.
An Estate for Life is a property interest that terminates upon the death of a specified individual. This estate type grants usage rights to the beneficiary during their lifetime, while ensuring the property will revert to another designated party upon the beneficiary's death.
Face amount refers to the nominal value or dollar value of a security stated by the issuer. For bonds, it is the principal amount paid back to the bondholder at maturity. For insurance policies, it represents the amount payable to the beneficiary upon the death of the insured.
A legatee is an individual or entity that receives property or assets from a will upon the death of the testator.
A life tenant is an individual who holds the right to use, occupy, and control a property for the duration of their own life or the lifetime of another specified individual.
'Per Stirpes' is a legal method of distributing an estate where the descendants of a deceased legatee inherit their ancestor's share.
A legal arrangement where property is transferred to a trustee, who manages it for the benefit of the beneficiary.
A trust deed is a conveyance of real estate to a third party to be held for the benefit of another. Commonly used in certain states in place of mortgages, it conditionally conveys title to a lender.
