Who is a Beneficial Owner ?

What is a 'Beneficial Owner'

A beneficial owner is a person who enjoys the benefits of ownership even though title is in another name.

i.investopedia.com

Beneficial owner is a legal term where specific property right ("use and title") in equity belong to a person even though legal title of the property belongs to another person. Black's Law Dictionary(2nd Pocket ed. 2001 pg. 508). This often relates where the legal title owner has implied trustee duties to the beneficial owner.


To give a better understanding to this, I would like to give a scenario that happened between a client of mine who is a Developer and the party he is currently dealing with in respect of a Joint Venture (JV) agreement. I this case, the original owner who is the Legal Owner died testate (i.e he had a Will) and he made mention that a particular property should be given to his first son' wife. In order to fulfil the wish to the demised owner, the Executors to the late man's estate made a Deed of Gift (unregistered) and transferred all their interest to the wife of the first son. Thus, the wife of the first son is now the Beneficial Owner with an Equitable Interest, because the legal title of the property, which is a Registered Conveyance isis still in the name of the demised owner. 

Source : http://www.investopedia.com/terms/b/beneficialowner.asp#ixzz4BcoLdTFO


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