A "beneficiary" is a person or entity designated to receive benefits, assets, or funds from a legal arrangement, such as a will, trust, or insurance policy. This designation ensures that the beneficiary receives what is intended for them after certain events, like the death of the policyholder or grantor. In financial contexts, beneficiaries can include individuals, charities, or organizations. For example, in a life insurance policy, the insured names a beneficiary who will receive the payout upon their death. This arrangement helps ensure that the beneficiary is supported or compensated according to the wishes of the decedent.