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LSDefine

Simple English definitions for legal terms

final beneficiary

Read a random definition: waga

A quick definition of final beneficiary:

Final beneficiary: The last person who gets something from a trust, life insurance policy, or other property when the original owner picked more than one person to receive it. This person gets it after the other people who were chosen before them have finished using it. For example, if someone leaves their house to their sister for her lifetime and then to her daughter, the daughter is the final beneficiary who gets the house after her mother has passed away.

A more thorough explanation:

Final beneficiary refers to the last person who will receive the benefits of a trust, life insurance policy, or other property when the original owner has assigned multiple beneficiaries. This person will receive the benefits after the previous beneficiaries' life estates or other period of control ends.

For example, if John creates a trust and assigns it to his wife, Jane, for her lifetime, and then to his children, Sarah and Michael, Sarah and Michael are the final beneficiaries. They will receive the benefits of the trust after Jane's death.

Another example is if a person has a life insurance policy and assigns it to their spouse for their lifetime, and then to their children, the children are the final beneficiaries. They will receive the benefits of the policy after their parent and spouse have passed away.

Overall, the final beneficiary is the last person in line to receive the benefits of a trust, life insurance policy, or other property. They will receive the benefits after the previous beneficiaries' period of control has ended.

filing fee | final decree

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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