A death beneficiary is the person who is conferred a benefit upon the death of another, usually through a will or trust.
[Last updated in September of 2022 by the Wex Definitions Team]
trusts and estates
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Definite beneficiaries are a requirement of a valid trust, along with settlor capacity and intent, trust property, a valid trust purpose, and duties that the trustee must perform. This means that the identities of the beneficiaries must be...
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Dependent relevant revocation (DRR - also known as ineffective revocation) is a doctrine in estates and trusts law.
DRR renders the revocation of a previous will invalid if the testator did so by executing a new will, and...
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A descendant is a person born in a direct biological line. For example, a person's children, grandchildren, and great-grandchildren are their descendants. In legal writing, the term "descendant" can have multiple meanings, including those...
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A discretionary power of appointment is distinguished from a mandatory power of appointment in that its exercise is optional. The power is valid so long as there is at least one person who reasonably fits the description of the class whose...
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The doctrine of incorporation by reference, under the law of wills, means that unattested papers (papers not present when the will was executed) can still be regarded as part of the will by incorporation. A writing that is not valid as a will...
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The doctrine of integration of wills is a legal theory that says that since wills are multi-page documents, they do not have to be signed or initialed on every page. Each page is regarded as part of single integrated document, so long as all...
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An express trust (intentional trust) is any trust created volitionally by a settlor (also known as trustor or grantor) in express terms, and usually in writing. It can be either private or public. The opposite of an express trust, in legal...
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The federal gift tax is a tax levied by the federal government on a donor who transfers property to a donee without the donee giving consideration in return. The gifted property must be in an amount above the limit set by the federal...
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The fiduciary duties of trustees refer to the duties owed when managing a trust by a trustee to the beneficiary.
Like other fiduciary relationships, trustees have fiduciary duties of care, loyalty, and good faith. As a...