A beneficiary is the recipient of the assets of a will or of an e_nomination. 

When writing a will, the Testator decides to whom he/she will pass on his/her assets. The person receiving these assets is termed the beneficiary. In some cases, a Testator may wish to bequeath assets to companies or to charities, and, yes, it’s true, sometimes even the family pet can be a beneficiary!

The alternative to a Will is eNomination, you can nominate a beneficiary to any assets by logging onto octowill eNomination app or by just clicking here: https://octowill.com/nominate-beneficiary

There is no minimum age to be a beneficiary, but in the case for those under the minimum legal age, those assets would be managed by an administrator who can be a guardian or an appointed person of the family until the beneficiary becomes of age.