“Beneficiary” defined. “Beneficiary,” as it relates to:
1. A trust, includes a person who has a present or future interest, vested or contingent, and the owner of an interest by assignment or other transfer;
2. A charitable trust, includes any person entitled to enforce the trust;
3. An instrument designating a beneficiary, includes a beneficiary of an insurance policy or annuity, of an account designated as payable on death, of a security registered as transferable on death or of a pension, profit-sharing, retirement or similar benefit plan or other nonprobate transfer at death; and
4. A beneficiary designated in a governing instrument, includes a grantee of a deed, a devisee, a beneficiary of a trust, a beneficiary under a designation, a donee, an appointee or a taker in default under a power of appointment, or a person in whose favor a power of attorney or a power held in any individual, fiduciary or representative capacity is exercised,
Ębut does not include a person who receives less than $100 under a will.
Last modified: February 25, 2006