**Beneficiary** (noun) — A person or entity designated to receive property, assets, or benefits under a will, trust, insurance policy, superannuation fund, or other instrument.
A beneficiary is anyone you name to receive something after you die. This might be money, property, personal possessions, or other assets.
Beneficiaries can be individuals, charities, companies, or other organizations. You can name as many beneficiaries as you like and specify exactly what each should receive.
⏱ When you'll encounter this term
Being clear about your beneficiaries helps avoid confusion and disputes. Instead of "my children," consider naming each child specifically. If you want a charity to benefit, include their full legal name and ABN.
Beneficiaries don't have any rights to your assets during your lifetime—only after you die and the will takes effect. You can change your beneficiaries at any time by updating your will.
**Related terms:** [Alternate Beneficiary](/dictionary/alternate-beneficiary), Primary Beneficiary, [Contingent Beneficiary](/dictionary/contingent-beneficiary), Residual Beneficiary
---
"In my will, I named three beneficiaries: my daughter gets the house, my son gets my shares, and a cancer charity gets $10,000."