A person or entity who is designated to receive money or property under a last will and testament, or from a trust, retirement account or life insurance policy. The beneficiary is often your spouse, domestic partner or child, but may be anyone you choose to designate. You may also designate a charity as a beneficiary. A beneficiary is generally specifically named in a will or trust agreement. For a retirement account or life insurance policy, the owner will need to complete a beneficiary designation form to name the beneficiary or beneficiaries.