Glossary

Beneficiary

A person or organisation named in a Will or trust to receive assets, income, or a benefit under the document.

Beneficiaries can be specific (a named person), a class (e.g. 'my grandchildren'), or charitable. They may receive a specific gift (a named item or sum), a share of the residue, or a benefit through a trust.

Substitute beneficiaries cover the situation where a primary beneficiary dies before the testator. Without a substitute clause, the gift may fail and fall into the residue.

Related terms

Other terms that come up alongside this one.

Will
A legal document setting out who inherits an estate when the person who made it dies, who acts as executors, and (where relevant) who looks after dependants.
Testator
The person who makes a Will. The female form 'testatrix' is now rarely used.
Executor
The person named in a Will to administer the estate after the testator's death, including collecting assets, paying debts, and distributing the residue to beneficiaries.
Trust
A legal arrangement where one person (the trustee) holds assets for the benefit of another (the beneficiary).

Related services

Where beneficiary matters in our work.

Will writing
A properly drafted Will makes your wishes clear, protects the people you love and saves your family from unnecessary stress. Single Wills, Mirror Wills, Complex Wills.
Trusts
Trusts can protect assets for vulnerable beneficiaries, ring-fence money for grandchildren, reduce IHT exposure or keep wealth in the family across generations.

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