Source : Webster's Revised Unabridged Dictionary (1913)

Beneficiary \Ben`e*fi"ci*a*ry\, n.; pl. {Beneficiaries}.
   1. A feudatory or vassal; hence, one who holds a benefice and
      uses its proceeds. --Ayliffe.

   2. One who receives anything as a gift; one who receives a
      benefit or advantage; esp. one who receives help or income
      from an educational fund or a trust estate.

            The rich men will be offering sacrifice to their
            Deity whose beneficiaries they are.   --Jer. Taylor.