life beneficiary

A life beneficiary is a person who has been granted benefits from a trust or will that last only for their lifetime. Life beneficiaries may use or enjoy the assets designated for them, such as living on real property or receiving periodic payments for support. They do not, however, have ownership of the assets and may have limitations on the rights they possess imposed by the trust, the will, or a statute. For instance, a Georgia statute places limitations on certain life beneficiaries, like being unable to assign their interest in the principal or income of the trust. Upon the death of a life beneficiary, the assets do not pass on to their heirs, but rather to remainder beneficiaries. Remainder beneficiaries are simply the people who are determined by the will or trust to receive the benefits immediately after the life beneficiary's death. 

[Last reviewed in December of 2025 by the Wex Definitions Team] 

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