May
16
Offshore terms: The beneficiary
Filed Under Offshore Banking Terms Tags: Offshore, settlor, trust deed —
Definitions of beneficiary on the Web: A person or entity who is the recipient of or will receive some or all proceeds of money or property held by the current owner upon a specified event or condition. Such vehicles as life insurance policies, inheritances, annuities or trusts may require that a beneficiary be named.
The beneficiary is the person or any other legal entity that has benefit under the trust deed of offshore banking. They may be nominated specifically by the settlor and their benefits clearly defined, or, conversely, no specific beneficiaries need be nominated. Instead, a class of person like son, daughter or grandchild may be nominated. The trustee is normally guided by the written or verbal wishes of the settlor.
