The statute must contain a specification of the beneficiary/beneficiaries or a method for designating such a beneficiary/beneficiaries. Any natural person or legal entity may become a beneficiary. The statute may specify that if a specific person is not eligible to become a beneficiary (e.g. due to death or not satisfying specified conditions), another person will become a beneficiary. The statute will thus define a set of entitled individuals who will become or may become beneficiaries of the trust fund in the future.

The basic right of the founder is to specify a beneficiary. If the founder does not exercise this right, the trustee will specify beneficiaries under the conditions stipulated by law or the statute.

Specification of a beneficiary becomes effective upon entry of the beneficiary into the trust fund register.

The right of a beneficiary to receive funds from a trust fund is not inheritable by law, since the rights and obligations linked exclusively to the deceased are not part of the inheritance and the law does not allow the inheritance of this right separately. However, the statute may specify the beneficiaries in a way ensuring that the death of a beneficiary will lead to, e.g., his/her children or the children of his/her children becoming beneficiaries.