Beneficiary
Legal Concept
Michael Jackson's Former Lawyer, Music Exec Named Estate Executors...Joseph Jackson's bid to block the appointment of attorney John Branca and music exec John McClain to the position of co-executors of Michael Jackson's estate, saying that the family patriarch had no standing on the matter because he was not... In this article: Michael Jackson, John Branca, Executor, Katherine Jackson, Beneficiary, and Los Angeles Times |
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L.A. Times - Personal Finance | November 07, 2009
Michael Jackson's father seeks allowance from singer's estate
Michael Jackson named his mother as guardian of his three children and a beneficiary of a family trust set up by his will but left nothing to his father, who lives in a Las Vegas rental property far from the family's Encino compound. The...
In this article: Michael Jackson, Katherine Jackson, Las Vegas, John Branca, Howard Weitzman, and Los Angeles Times
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CNN | November 10, 2009
Family rift erupts over Jackson estate
...that Michael Jackson was in New York on that date, Oxman said. The judge ruled that only a beneficiary, such as Katherine Jackson, is in a position to make the challenge. Court documents unsealed Tuesday showed the estate paid $1,098,000...
In this article: Katherine Jackson, Michael Jackson, Executor, and John Branca
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TMZ | July 21, 2009
Jackson Family War Over Michael's Will
...worried Joe and McMillan will rack up legal fees and the estate will suffer. Pretty ironic, since Michael cut Joe out of the will and he gets zippo as a beneficiary. It's all shaping up to be an ugly mess. 6. No matter what happens, we...
In this article: Katherine Jackson, Michael Jackson, Executor, E-mail, John Branca, and Debbie Rowe
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Kansas City Star | September 17, 2009
Records: $86,804 a month to Jackson's mom, kids
...is being paid by the late pop singer's estate. </p><p>Katherine Jackson is one of the primary beneficiaries of her son's estate along with the singer's three young children and unnamed charities. </p><p>A judge approved a monthly stipend for...
In this article: Michael Jackson, Katherine Jackson, Santa Maria, and California
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CNN | November 10, 2009
Michael Jackson estate fight becomes public family dispute
...by a series of court squabbles. Under the 2002 will, Jackson's three children and his mother are the chief beneficiaries of his estate, while unnamed charities will share in 20 percent of the wealth. Screen nameSelect one with 3-12...
In this article: Michael Jackson, Katherine Jackson, Executor, John Branca, and Howard Weitzman
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Daily Mail | July 26, 2009
Michael Jackson's 'secret' $5.5m found
...from various business deals in the works. The documents read that Jackson's children Prince Michael, Paris and Blanket are the beneficiaries of an insurance trust established by the King of Pop. But the proceeds have not yet been...
In this article: Michael Jackson, Executor, Probate, Revenue, Social Security, London, Paris, and Las Vegas
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Business Wire Entertainment News | October 05, 2009
The Official Michael Jackson Opus To Be Only Brand New Authorized Tribute to The King of Pop On Holiday Shelves
..."Moonwalk" and "The Official Michael Jackson Opus" are the only books whose proceeds will go to his Estate for the beneficiaries Michael designated -- his children, his mother and the charitable causes that were important to him. Said...
In this article: Michael Jackson, The King, and John Branca
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CNN | September 18, 2009
Legal way clear to challenge Jackson executors
...and John McClain, who were named as executors in the will the singer signed in 2002. A provision in Jackson's will said that any beneficiary who contests it could be risk their benefits, but Beckloff's ruling said Katherine Jackson's...
In this article: Katherine Jackson, Executor, Michael Jackson, California, Tax, and Twitter
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Telegraph.co.uk - International news | July 06, 2009
Michael Jackson's mother Katherine replaced as estate administrator 'against her wishes'
...and Mr McClain for the next month are at the helm of the ship." Mrs Jackson is still the main beneficiary of the will being executed by Mr Branca and Mr McClain. My trip to Neverland, by Paul Theroux Michael Jackson's ten solo...
In this article: Katherine Jackson, Michael Jackson, John Branca, Executor, DVD, Howard Weitzman, and EPA
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Description from Wikipedia:
A beneficiary (also, in trust law, referred to as the cestui que use) in the broadest sense is a natural person or other legal entity who receives money or other benefits from a benefactor. For example: The beneficiary of a life insurance policy, is the person who receives the payment of the amount of insurance after the death of the insured. The beneficiaries of a trust are the persons with equitable ownership of the trust assets, although legal title is held by the trustee. The term can also be described as an "inheritance" used in the context for the party (heir or heiress) receiving the property related thereto. Beneficiaries in other contexts are known by other names: for example, the beneficiaries of a will are called devisees or legatees according to local custom.
Most beneficiaries, may be designed to designate where the assets will go once the owner(s) ceases to exist. However, if the primary beneficiary or beneficiaries are not alive or do not qualify under the restrictions, then the assets will probably pass to the contingent beneficiaries. Other restrictions such as being married or more creative ones can be used by a benefactor to attempt to control the behavior of the beneficiaries. Some situations such as retirement accounts do not allow any restrictions beyond death of the primary beneficiaries, but trusts allow any restrictions that are not illegal or for an illegal purpose.
The concept of a "beneficiary" will also frequently figure in contracts other than insurance policies. A third party beneficiary of a contract is a person who, although not a party to the contract, the parties intend will benefit from its provisions. A software distributor, for example, may seek provisions protecting its customers from infringement claims. A software licensor may include provisions in its agreements which protect those who provided code to that licensor.
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