{"id":3045,"date":"2024-03-02T16:26:00","date_gmt":"2024-03-02T22:26:00","guid":{"rendered":"https:\/\/www.connerash.com\/blog\/?p=3045"},"modified":"2024-05-09T17:03:46","modified_gmt":"2024-05-09T22:03:46","slug":"heirs-or-beneficiaries","status":"publish","type":"post","link":"https:\/\/www.connerash.com\/blog\/heirs-or-beneficiaries\/","title":{"rendered":"Heirs or Beneficiaries?"},"content":{"rendered":"
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The terms heirs and beneficiaries are interchangeable, right? Not necessarily when it comes to distributing your property after death. So, knowing the difference between the two is essential in estate planning.<\/p>\n\n\n\n

THE DEFINITION OF HEIRS<\/h2>\n\n\n\n

An heir is a legally identified person who\u2019s entitled to receive your estate property when no will or trust dictates distribution. In that case, state law dictates how an estate is distributed and which heirs are entitled to assets.<\/p>\n\n\n\n

Generally your heirs, in succession order are:<\/p>\n\n\n\n

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  1. Your spouse<\/li>\n\n\n\n
  2. Your children<\/li>\n\n\n\n
  3. Your parents<\/li>\n\n\n\n
  4. Your siblings<\/li>\n\n\n\n
  5. Your grandparents<\/li>\n\n\n\n
  6. Your next of kin. If no next of kin, your property would revert back to the state.<\/li>\n<\/ol>\n\n\n\n

    BENEFICIARIES DEFINED<\/h2>\n\n\n\n

    A beneficiary is a person you\u2019ve specifically named to receive proceeds and assets from:<\/p>\n\n\n\n