final beneficiary

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Final beneficiary refers to the last person in line to benefit from a trust, life insurance policy, or other property when the original owner assigned multiple beneficiaries. A final beneficiary is someone who takes after the previous beneficiaries’ life estates or other period of control ends. For example, Carol deeds her estate in trust to Jessica for life and then to Janice. Janice would be the final beneficiary. 

[Last updated in July of 2021 by the Wex Definitions Team]