Heirs and Beneficiaries

Heirs and beneficiaries are terms related to inheritance. Heirs are individuals who are legally entitled to receive an inheritance when someone passes away, often based on laws governing estates. This typically includes family members, like children or spouses, if there is no will. Beneficiaries, on the other hand, are specifically named individuals in a will or a financial account (like a life insurance policy) who will receive assets or benefits after someone’s death. Essentially, all beneficiaries are heirs, but not all heirs are named beneficiaries in a will.