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1. A person who actually benefits from a trust, as compared to an 'object' of the trust (see object trust). All trust beneficiaries are, or at least should be, objects; but if the trust is discretionary not all objects will necessarily be beneficiaries (see discretionary trust).
2. In general, anyone who obtains a benefit, typically: (i) from the disposal of an estate in a Will; (ii) under a Trust; or (iii) under intestacy legislation where someone dies intestate.