What is Beneficiary?

Legal Definition
A beneficiary (also, in trust law, cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example, the beneficiary of a life insurance policy is the person who receives the payment of the amount of insurance after the death of the insured.

Most beneficiaries may be designed to designate where the assets will go when the owner(s) dies. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, the assets will probably pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose.

The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third-party beneficiary of a contract is a person whom the parties intend to benefit from its provisions but who is not a party to the contract. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include in its agreements provisions that protect those who provided code to that licensor.

In the context of development aid, the term "beneficiaries" refer to the persons and the communities that use the project outputs: the entities that development-aid projects.
-- Wikipedia
Legal Definition
A beneficiary is the individual who gets the enjoyment out of a transaction such as a contract, will or trust.
Legal Definition
One for whose benefit a trust Is created; a cestui que trust. 1 Story, Eq. Jur. § 321; In re Welch, 20 App. Div. 412, 46 N. Y. Supp. 689; Civ. Code Cal. 1903, § 2218. A person having the enjoyment of property of which a trustee, ex-echtor, etc., has the legal possession. The perspn to whom a policy of insurance is payable. Rev. St. Tex. 1895, art 3096a. See Beneficiary heir.
-- Black's Law Dictionary
Legal Definition
This term is frequently used as synonymous with the technical phrase cestui que trust. (q. v.)
-- Bouviers Law Dictionary
Legal Definition
-- Ballentine's Law Dictionary