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LSDefine

Simple English definitions for legal terms

final beneficiary

Read a random definition: policy stacking

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.

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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