A final beneficiary is the ultimate recipient or beneficiary of a trust, estate, insurance policy, or other financial arrangement. In the context of trusts, the final beneficiary is the person or entity entitled to receive the trust assets or income after the fulfilment of all conditions, distribution requirements, or administrative tasks specified in the trust agreement. Final beneficiaries may also be referred to as ultimate beneficiaries or residual beneficiaries. They typically inherit assets or benefits upon the termination of the trust or fulfilment of certain conditions, such as reaching a certain age or meeting specific criteria outlined in the trust document. In insurance policies, the final beneficiary is the individual or entity designated to receive the proceeds of the policy upon the death of the insured.
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This glossary post was last updated: 29th March, 2024.
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