Death beneficiary

{
  "id": "MLC-T-LAW-001478",
  "term": "Death beneficiary",
  "field": "Law",
  "definition": "A person or entity named in a life insurance policy, retirement account, payable-on-death account, or trust to receive the asset when the owner dies. The beneficiary's right arises only at the owner's death, and because the transfer follows the designation or trust terms, the asset passes outside probate. A will does not override a valid beneficiary designation on such an asset.",
  "url": "https://mlchart.com/terminology/law/death-beneficiary/"
}