Beneficiary – someone who is designated to receive something as a result of a legal arrangement or instrument

beneficiary:

n. (17c.) 1. Someone who is designated to receive the advantages from an action or change; especially one designated to benefit from an appointment, disposition, or assignment (as in a will, insurance policy, etc.) or to receive something as a result of a legal arrangement or instrument.  2. A person to whom another is in a fiduciary relation, whether the relation is one of agency, guardianship, or trust, especially a person for whose benefit property is held in trust.  3. Someone who is initially entitled to enforce a promise, whether that person is the promisee or a third party.  4. Someone who is entitled under a letter of credit to draw or demand
payment.  5. Someone designated to receive money or property from a person who has died. – beneficiary, adj.

References:

All material utilized in accordance with Fair Use.

[1]: Black’s Law Dictionary Deluxe Tenth Edition by Henry Campbell Black, Editor in Chief Bryan A. Garner. ISBN: 978-0-314-61300-4

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