More than one entity or individual can make up the trust beneficiary – for example when the trust is meant to benefit several different individuals.
The trust beneficiary constitutes the third party of a trust, in addition to the trustor and the trustee. In some jurisdictions, the trustor and the trust beneficiary may be the same individual or entity (see also: family trust).
The trustor selects the trust beneficiary. In many jurisdictions, an individual or entity can be assigned as the beneficiary of a trust without their express consent or participation in the trust. Refusing the benefits provided by a trust as a trust beneficiary may require filing a court action.
In Switzerland, assets held in an irrevocable trust are considered to be the property of the trust beneficiary, and count towards the beneficiary’s personal wealth for wealth tax purposes.