what is a beneficiary 
a beneficiary is a person or entity who is designated to receive the benefits of property owned by someone else beneficiaries often receive these benefits as part of an inheritance a beneficiary can be designated in the documents relating to a life insurance policy a retirement account a brokerage account a bank account and other financial products it s important to designate beneficiaries for your financial assets so that they can be distributed according to your wishes when you pass away investopedia julie bang