Vested Beneficiary

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. with the present right to receive distributions under 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 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)..