What does Beneficiary of Trust mean? Read on to discover the definition & meaning of the term Beneficiary of Trust - to help you better understand the language used in insurance policies.
Beneficiary of Trust
A beneficiary of trust is the individual entitled to the benefits of a trust as per the terms. These individuals are often also granted specific powers. In the context of insurance, people sometimes add their life insurance policies to an irrevocable trust for the purpose of saving their beneficiary from having to pay taxes on the death benefits.
We hope the you have a better understanding of the meaning of Beneficiary of Trust.