What is a Beneficiary?

September 12, 2022
November 27, 2023

A beneficiary is a person or organization that has been named to receive property/account ownership belonging to another in the event of their death.

The beneficiary is not allowed to have access to the account while the account holder is still living.

The beneficiary automatically becomes the account owner upon death, as long as there is not another owner on the account, bypassing the account holder’s estate and skipping probate entirely.