Beneficiary

Beneficiary is the general term used to describe the person, or persons, that receive funds, property, or other benefits, from an insurance policy or will.  The beneficiary is usually designated at the time an insurance policy, or will, is signed.

In matters such as retirement accounts, the law requires that if you have a living spouse, and you designate someone else as your primary beneficiary, or identify a co-beneficiary, the spouse must sign a notice indicating they are aware of this designation.