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A person who inherits under a will is a beneficiary. Pursuant to section 1 201 of the Uniform Probate Code, beneficiary designation means a governing instrument naming a beneficiary of an insurance or annuity policy, of an account with POD designation of a security registered in beneficiary form, or of a pension, profit sharing, retirement, or similar benefit plan, or other non probate transfer at death.
Class beneficiary designation is a designation that names a group of people rather than individuals by name. A beneficiary designation describes the mode by which a deceased person’s assets are to be distributed upon his/her death. A beneficiary designation must be clearly written to make sure it is legally binding.