Beneficiaries are individuals or entities that receive benefits or advantages from a particular arrangement, such as a will, trust, or insurance policy. In the context of a will, for example, beneficiaries are the people designated to inherit assets after someone's death. This can include family members, friends, or charitable organizations. In insurance policies, beneficiaries are the individuals who will receive the payout in the event of the policyholder's death. It is important for policyholders to clearly name their beneficiaries to ensure that the intended recipients receive the benefits without complications. Properly designating beneficiaries helps avoid disputes and ensures a smooth transfer of assets.