Life Beneficiary

An individual who receives income or principal from a trust or similar arrangement for the duration of his or her lifetime. The life beneficiary holds a life estate. For example, a person may stipulate in a last will and testament that all of his assets are to go to a charity but that the individual’s surviving spouse is to have use of the income from the estate for their lifetime, and only upon the death of the surviving spouse are the assets in the estate to pass to the designated charity.

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Reference: Life Beneficiary