Beneficiary

A beneficiary is anyone who stands to inherit under a Will — whether a named individual, a charity, or the holder of a share of the residue. Beneficiaries may receive a specific gift, a pecuniary legacy, or what is left after debts and gifts are paid. A beneficiary cannot validly act as a witness to the Will, as that may void their gift in most states.

Beneficiaries are entitled to be kept reasonably informed by the executor and to receive their entitlement once the estate is administered. Example: Aisha is named as a beneficiary to receive $20,000 and a one-third share of the residuary estate. If a beneficiary dies before the testator, the gift may lapse unless a substitute beneficiary is named — see lapsed gift.