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beneficiary
mastery UK /ˌbɛn.ɪˈfɪʃ.əɹ.i/ US /ˌbɛn.ɪˈfɪʃ.ɚ.i/nounadj
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Which word is closest in meaning to 'beneficiary' in this sentence?
In a second step, the rights to the asset are divided between the trustee, who holds formal title, and the beneficiary, who receives the (future) economic interest.