BENEFICIARY – An individual, or an entity such as a charity, named to inherit an account, policy, or property and/or one who is named in a Last Will and Testament (Will) to inherit under the Will. Retirement Accounts and Insurance (such as Life Insurance and/or Annuities) generally have a Beneficiary Designation. Bank Accounts may have a Payable On Death (POD) Designation. Brokerage Accounts and/or Investments may have a Transfer On Death (TOD) Designation. The Motor Vehicle Administration (MVA) in Maryland allows for a Beneficiary Designation of Vehicles and/or Titles of other property registered through MVA. Real Property, via a Life Estate Deed, may name a Beneficiary or Beneficiaries known as Remaindermen.
BENEFICIARY DESIGNATION – The process and/or forms to name a Beneficiary on Retirement Plans, Life Insurance, Annuities and/or Vehicles.
BEQUEST – A specific gift of cash, property and/or Tangible Personal Property to a named Beneficiary under one’s Last Will and Testament. Bequests generally take priority over Distribution of the Residuary Estate.