What is a Beneficiary?
A beneficiary is quite simply someone (or some thing) that benefits. Usually used in connection with a Last Will and Testament, it means someone (or perhaps a charity) who is left something in the Will.

So if Uncle George dies and leaves you his baseball card collection, then you are a Beneficiary of his Will. Or if you write a Will and specify that your brothers should inherit equal shares of your match book collection, then your brothers are beneficiaries of your Will.
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