What is a beneficiary in the context of a trust?

In the context of a trust, the term "beneficiary" specifically refers to an individual or entity that receives benefits from the trust. This can include receiving income generated by the trust's assets, or ultimately, receiving the trust assets themselves upon its termination. The role of a beneficiary is crucial, as they are the ones who stand to gain from the arrangement set forth by the trust, which is typically established to manage and allocate assets for their benefit.

The other roles mentioned in the question refer to different aspects of a trust's operation. The creator of the trust, often referred to as the settlor or trustor, is responsible for establishing the terms of the trust and can often determine how distributions are made to beneficiaries. The trustee is the individual or entity responsible for managing the trust, ensuring that it is administered according to its terms and in the best interest of the beneficiaries. Lastly, the provider of the assets is the person or entity that contributes property or funds to the trust, but this does not necessarily have to be the same as the beneficiary.

Understanding these definitions is important for grasping the roles and relationships involved in trust law, particularly in estate planning and administration.