Beneficiary
A beneficiary is, generally, a person entitled to an interest from a benefactor. In estate planning, a beneficiary is often the person who receives life insurance proceeds or a trust interest. A beneficiary's rights can vary widely depending upon the type of interest at issue. Those who are entitled to some share of a decedent's property that is distributed via will or state intestacy statute are not generally called beneficiaries, rather, such persons are called heirs.
This brief overview of some important considerations associated with beneficiaries is by no means comprehensive. Always seek the advice of a competent professional when making important financial and legal decisions.