What’s the difference between a beneficiary and an heir?
Beneficiary vs Heir
Hey guys, it’s Brad again from probateresource.com. So what’s a beneficiary, and what’s an heir? Okay, so typically speaking, one can be the other, but the other is not necessarily the other one. I know that’s confusing. So a beneficiary is typically someone who has a beneficial interest in writing, whether that be through a trust, whether that be through a will, that sort of thing. It’s put in writing that they are to receive benefit from an estate or from an asset, or whatever. Maybe you have a beneficiary on an insurance policy, right? That is a person that is in writing listed to receive that. A beneficiary may not necessarily be a legal heir to a property. So what is an heir? Well, from a legal standpoint, an heir is… Every state has their own laws of in intestate secession, okay? And what does intestate secession mean? Okay.
Well, intestate means there was no will. If there’s a will, the will spells out who gets what it’s in writing in the document. So if the will is deemed valid, whatever the document says is however, the state needs to be distributed. But if there is not a will, that’s considered intestate. And there are laws in every state that spell out intestate secession. Secession means who gets what, right? So the laws of in intestate secession are going to dictate the, they call it, degrees of secession. So there are different steps in different levels, and most states are very similar, but you do want to check your specific state laws for intestate secession. If you go over to probateresource.com, we have a guide for each state that has sort of links to helpful resources to help you figure that out. But if you look at the intestate secession laws for your state, it’s going to tell you the degrees.
Typically, it’s okay if you go here, then if there’s not enough heirs here, then you’re going to go down to the next step. And if there’s not any heirs in there, then you’re going to go down to the next step, and that’s going to spell that out. Also, if an heir had children or someone died, then it goes down. It’s like a tree, basically. In those cases, all of those people within that tree are considered heirs. They are people who have some heirship rights to an estate. So I mentioned earlier that a beneficiary is put in writing. So someone who’s a beneficiary could be an heir, but someone who’s an heir may not necessarily be a beneficiary. For example, someone by the laws of intestate secession could be an heir to an estate per the laws, but the will, if there’s a will, may not give any money or proceeds to this person.
I’ve seen it many, many times where we have dealt with a property where maybe there were multiple siblings and one of the siblings had a falling out, and it was specifically named in the will that they were to not get anything. I know that sounds harsh, but it happens. So that person may be an heir per the laws of intestate secession, but because this is a testate situation where there was a will, the will says that “so-and-so doesn’t get anything.” Now, can you contest that? Yes, you can contest that. You can go to the probate court to contest the validity of the will. You can contest those sort of things. Do not do that without consulting an attorney. You should consult an attorney if you are going to be going that route. I would highly suggest that. I have seen many, many cases where people have done that and not consulted an attorney and done it wrong, and it’s blown up in their face and they wasted everyone’s time, and the judge gets mad at them, blah, blah, blah, blah, blah.
So if you’re going to contest a will, you should definitely consult an attorney. If you need a referral to a probate attorney, we have a fantastic network of probate attorneys all over the US. We’d be happy to get you in touch with. I hope that helps you out a little bit today. I’m Brad with Probate Resource. We are a real estate solutions company at Probate Resource. So we actually buy properties for cash all over the US, and we have a fantastic network of real estate agents all over the country who are probate and inheritance specialists. So if you’re trying to sell a property you’ve inherited, we can buy it from you cash, make it super easy, or if you want to go and list it the traditional way, we can get you in touch with one of our rockstar agents, and they can list the property for you. So if you’re interested in working with us, go to probateresource.com, and you can fill out the form there on the page, and a member of our team will be with you asap. Thanks for checking out this video. Hope you have a great day. Bye-bye.
What’s the difference between a beneficiary and an heir?
Hi there, it’s Brad from probateresource.com again.
Beneficiary vs Heir
Have you ever wondered about the difference between a beneficiary and an heir? It can be a bit confusing, but let me explain it to you.
A beneficiary is someone who is named in writing to receive benefits from an estate or asset, such as through a trust or a will. For example, you may have a beneficiary listed on your insurance policy. However, just because someone is named as a beneficiary, it doesn’t necessarily mean that they are a legal heir to the property.
On the other hand, an heir is someone who is legally entitled to inherit property according to the state’s laws of intestate succession. These laws vary from state to state, but they generally determine who inherits property when someone dies without a will. I hope that clears things up for you! Let me know if you have any other questions.
Intestate Secession
What does intestate secession mean?
Intestate secession refers to the process of distributing a deceased person’s assets when they have not left a will. In the absence of a will, the state’s laws dictate how the assets are to be distributed. These laws specify the degrees of succession, which are different for each state. It is important to check your state’s laws on intestate secession to ensure that the assets are distributed correctly. You can refer to probateresource.com for a guide to the intestate secession laws in your state, which includes links to helpful resources. If there is a valid will, the assets will be distributed according to what is stated in the document.
If there are no heirs to an estate, then the next step is to determine who should inherit it. This is done by following a sort of family tree. If a potential heir has children or a relative who has died, then they may still be considered an heir. Essentially, anyone within this family tree has some rights to inherit the estate. It’s worth noting that a beneficiary must be named in writing, but not all heirs may be beneficiaries. For instance, someone may be an heir by law, but if there is a will, they may not receive any inheritance.
There have been instances where we’ve dealt with a property that belonged to multiple siblings, and one of the siblings had a falling out with the others. In such cases, it’s possible that the sibling who had a falling out may not get anything, as per the specific instructions mentioned in the will. Though it might seem harsh, it’s a reality. Even if that person is an heir according to the laws of intestate succession, if the situation involves a will, the will’s instructions will be followed.
If you want to contest the instructions mentioned in the will, you can do so by going to the probate court and challenging the will’s validity. However, it’s very important that you consult an attorney before taking any such steps. I highly recommend that you seek legal advice before proceeding. I’ve seen numerous cases where people have tried to contest a will without consulting an attorney, and it’s ended up being a waste of everyone’s time. In some cases, it’s even led to the judge getting angry with them.
Our company, Probate Resource, has a vast network of experienced probate attorneys all across the United States. We would be glad to connect you with one of them. At Probate Resource, we are a real estate solutions company that purchases properties for cash all over the US. Additionally, we have an extensive network of professional real estate agents across the country who specialize in probate and inheritance matters. If you are interested in selling your inherited property for cash or would like to list it traditionally, we can definitely help you.
To work with us, visit probateresource.com and fill out the form on the page. We will get back to you as soon as possible to assist you. Thank you for watching this video, and we hope you have a great day.