Tag: 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....

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...

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...

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....

DefinitionIn American estate planning parlance, an incentive trust is a trust designed to encourage or discourage certain behaviors by using distributions of trust income...

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...

What is 'Named Beneficiary' This term refers to any beneficiary named in a will, a trust, an insurance policy, pension plan accounts,...

What is 'Absolute Beneficiary' A designation of a beneficiary that can not be changed without the written consent of that beneficiary. Also...

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...

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...