Breta Grumbois photo
Fibre Financial Group Retirement and Investment Services logo

Breta Grumbois, CRPC®

Vice President, Wealth Management

 

Fibre Financial Group

Retirement and Investment Services

Located at Fibre Federal Credit Union

822 Commerce Avenue, Longview, WA 98632

 

Phone:  360-414-4223

 

Email: bgrumbois@fibrecu.com

March/April 2025

Heirs or Beneficiaries?

Delegation concept. Wooden human figures with a arrows

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.


The Definition of Heirs
An heir is a legally identified person entitled to 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.


Generally, your heirs, in succession order are:

  1. Your spouse,

  2. Your children,

  3. Your parents,

  4. Your siblings,

  5. Your grandparents,

  6. Your next of kin.


If there is no next of kin, your property will revert back to the state.


Beneficiaries Defined
A beneficiary is a person you've specifically named to receive proceeds and assets from:
  • Life insurance,

  • Employer-provided qualified retirement plans,

  • Individual retirement accounts,

  • Trusts, and

  • Annuities, as well as property distributed under your will.


A beneficiary may or may not be an heir and vice versa. Understanding a beneficiary's role in your estate plan and their rights to your assets or property is key in planning. If you don't name beneficiaries with a will or other planning tools, they'll be chosen for you.

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Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Fibre Federal Credit Union and Fibre Financial Group Retirement and Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Fibre Financial Group Retirement and Investment Services, and may also be employees of Fibre Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Fibre Federal Credit Union or Fibre Financial Group Retirement and Investment Services. Securities and insurance offered through LPL or its affiliates are:

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