What benefictary mean?

A beneficiary is a person or entity designated to receive benefits, assets, or funds from a legal arrangement, such as a trust, will, or insurance policy. In the context of a will, for example, beneficiaries are those who inherit property or financial assets after the testator's death. The term can also apply in financial contexts, such as a life insurance policy, where the beneficiary receives the payout upon the policyholder's death. Essentially, beneficiaries are the recipients of something of value as specified by the governing documents.