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Timothy A. Steele
Investment Advisor Representative
Vantage Financial Group
164 Maple Street, Suite 1
Auburn, CA 95603
Cell: 916-559-1025
Fax: 530-820-1890
Email: tim@vantageauburn.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.
Advisory services are offered through Vantage Financial Group, a Registered Investment Advisor in the State of California.
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