Common Beneficiaries Law and Legal Definition

Common beneficiaries are beneficiaries who are entitled to beneficial interest after any amount is distributed to the preferred beneficiaries.

The common beneficiaries will be entitled to all the rest and residue of the net earnings of an estate not apportioned to the preferred beneficiaries. [Tulsa Mortg. Inv. Co. v. Commissioner, 21 B.T.A. 735, 737 (B.T.A. 1930)].