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1021223-00006-00
Jeffery Palmer, ChFC®
Financial Planner
CA Insurance Lic. #0F60729
Cathy Davis
Client Service Specialist
Phone: 828-333-4748
Christina Palmer
Client Service Specialist
Phone: 828-333-4747
christina.palmer@prudential.com
Gaylen Allen
Client Service Specialist
Phone: 828-575-1250
Jaclyn Schmitz
Client Service Specialist
Phone: 828-333-4139
The Palmer Group
603 Alliance Court
Asheville, NC 28806
Phone: 828-687-8818
Fax: 828-687-4482
Website: jeffpalmergroup.com
March/April 2025
Heirs or Beneficiaries?
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:
- Your spouse,
- Your children,
- Your parents,
- Your siblings,
- Your grandparents,
- 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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Jeffrey Palmer is a Financial Planner with, and offers securities and investment advisory services through LPL Enterprise (LPLE), a Registered Investment Advisor, Member FINRA/SIPC, and an affiliate of LPL Financial.
LPLE and LPL Financial are not affiliated with The Palmer Group.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
The Palmer Group and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.