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Reliant Investment Services logo

Devon Littlefield

Financial Advisor

 

Reliant Investment Services

Located at

Reliant Community Federal Credit Union

10 Benton Place, Sodus, NY 14551

 

Phone:  800-724-7889 Opt. 1

 

Email: devon.littlefield@lpl.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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Devon Littlefield is a financial advisor with, and 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. Reliant Community Federal Credit Union and Reliant Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Reliant Investment Services, and may also be employees of Reliant Community Federal Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of Reliant Community Federal Credit Union or Reliant Investment Services. Securities and insurance offered through LPL or its affiliates are:

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