Tag: beneficiary
Irrevocable Beneficiary
What is an irrevocable beneficiary
An irrevocable beneficiary is someone who has been designated to receive specific property, benefits, or funds after another person's death....
Grantee: Definition and Explanation
What is a grantee
A grantee is an entity that receives a grant, typically from a government entity. The grant may be for a specific...
Contingent Beneficiary
What is a contingent beneficiary
A contingent beneficiary is a person or entity who will receive assets only if the primary beneficiary dies before the...
Per stirpes
What is per stirpes and how does it work
Per stirpes is a legal term that refers to the distribution of assets in an estate....
Incentive Trust
DefinitionIn American estate planning parlance, an incentive trust is a trust designed to encourage or discourage certain behaviors by using distributions of trust income...
Immediate Beneficiary
What is an immediate beneficiary
An immediate beneficiary is a person or entity who receives benefits from a trust or other financial arrangement immediately, as...
Named Beneficiary
What is 'Named Beneficiary' This term refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts,...
Absolute Beneficiary
What is 'Absolute Beneficiary' A designation of a beneficiary that can not be changed without the written consent of that beneficiary. Also...
Back-To-Back Letters Of Credit
What are 'Back-To-Back Letters Of Credit' Back-to-back letters of credit consist of two letters of credit (LCs) used together to finance a...
Charitable Remainder Trust
What is a Charitable Remainder Trust
A Charitable Remainder Trust, or CRT, is a type of trust that allows the settlor (the person establishing the...