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Beneficiary Meaning

A beneficiary is a person or entity entitled to receive assets, benefits or proceeds from a policy, account or trust. Beneficiaries are commonly named in life insurance contracts, retirement plans, wills and other estate planning documents to ensure that assets are distributed according to the account holder’s wishes. Without a designated beneficiary, assets may go through probate, delaying distribution.

There are two main types of beneficiaries: primary and contingent. A primary beneficiary has the first claim on the assets, while a contingent beneficiary receives the benefits if the primary beneficiary has predeceased or cannot be located. Multiple beneficiaries can be named, and shares can be divided in specified percentages.

Beneficiaries have no control over the asset until the triggering event occurs—typically the death of the account holder—after which the trustee, executor or financial institution will distribute the proceeds. Keeping beneficiary designations updated is important, especially after life events like marriage or divorce, to ensure that assets transfer smoothly.

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Important Disclaimer:

Finery Markets BVI Limited (“Finery Markets”) provides software, technology infrastructure, and related Information and Communication Technology (ICT) services on a Software-as-a-Service (“SaaS”) basis. Finery Markets acts solely as a software vendor and does not operate a trading platform, does not intermediate, match, execute, clear, or settle transactions, and does not engage in any activities that would require regulatory authorisation under applicable laws.

Finery Markets’ software is non-custodial and is provided exclusively to licensed institutional entities that act as independent operators of their own environments. All counterparties are solely responsible for establishing and maintaining their own bilateral trading and settlement relationships. Finery Markets is not a party to any such arrangements and assumes no responsibility for the conduct, verification, or compliance obligations of any users of the software.

Nothing on this website shall be construed as a financial promotion, investment advice, or an offer to engage in regulated activities. Access to and use of the software is strictly limited to clients who have entered into a software licensing agreement with Finery Markets. Persons located in jurisdictions where such access is restricted should not rely on this website or any of its contents.

Additional notice to UK visitors: This website and associated communications are not intended to constitute a financial promotion under The Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) and related guidance. Access to services provided by Finery Markets is limited to regulated entities, professional clients and eligible counterparties as set out by the Financial Conduct Authority. UK users are not permitted to use this website for the services of Finery Markets if they don't fall within these categories.