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Simple English definitions for legal terms
life beneficiary
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A quick definition of life beneficiary:
A life beneficiary is someone who is given benefits for their entire life through a trust or a will. They can use the assets given to them, like living on a piece of land or receiving an allowance, but they don't own the assets. The terms of the will or trust limit their use of the assets, and they can't waste them. When the life beneficiary dies, the assets don't go to their heirs, but instead go to a named remainder beneficiary or back to the grantor or their heirs.
A more thorough explanation:
A life beneficiary is a person who receives benefits for their lifetime through a trust or a will. They do not own the assets, but they have access to and use of them. The use of the assets is subject to the terms of the will or trust and can be limited or expanded by a trustee. Waste is not allowed.
One example of a life beneficiary is a person who is granted a life estate in a piece of land. This means that they have the right to live on the land and use it for their lifetime, but they do not own the land. Another example is an AB Trust, where one spouse is the life beneficiary of the trust and receives income from the trust for their lifetime, while the other spouse is the remainder beneficiary and receives the assets after the first spouse passes away.
These examples illustrate how a life beneficiary has access to and use of assets for their lifetime, but they do not own them. The assets are subject to the terms of the will or trust and can be limited or expanded by a trustee. Upon the death of the life beneficiary, the assets pass on to a named remainder beneficiary or revert back to the grantor or their heirs.