Beneficiary

By DouglasTurner.com • Jan 31st, 2008 • Category: Estate Planning in Colorado: Glossary of Terms

Note: The following are general definitions. Any particular term may be defined differently by a particular statute, case law, or the definitions section of the document in question. Consult legal counsel before acting on any information contained in this website.

Beneficiary

(As of January 2008. Definitions and statutes may change after this date.)

“Beneficiary”, as it relates to a trust beneficiary, includes a person who has any present or future interest, vested or contingent, and also includes the owner of an interest by assignment or other transfer; as it relates to a charitable trust, includes any person entitled to enforce the trust; as it relates to a “beneficiary of a beneficiary designation”, includes a beneficiary of an insurance or annuity policy, of an account with payment on death (POD) designation, of a security registered in beneficiary form (TOD), or of a pension, profit sharing, retirement, or similar benefit plan, or other nonprobate transfer at death; and, as it relates to a “beneficiary designated in a governing instrument”, includes a grantee of a deed, a devisee, a trust beneficiary, a beneficiary of a beneficiary designation, a donee, appointee, or taker in default of a power of appointment, and a person in whose favor a power of attorney or a power held in any individual, fiduciary, or representative capacity is exercised.

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DouglasTurner.com. This column is not legal advice nor does it create an attorney-client relationship with the reader. Due to limited space, complex legal concepts and rules may be stated in terms of general concepts. Based on 2007 Colorado and Federal law. Consult legal counsel before acting on any information contained in this column.
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