A beneficiaryA person for whom property is held, e.g., in a trust, or who is to receive something as a result of a legal instrument, e.g., a will or insurance policy. who died before the testatorThe individual who creates a will. of a willA legal document which expresses a person’s final wishes about what happens to their property after they pass away, often specifically identifying intended beneficiaries for specific items of property. or settlorThe individual who creates a trust. of a trustAn arrangement in which property interests are legally held by one person (the trustee) at the request of another (the settlor) for the benefit of a third party (the beneficiary)..