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Dice Financial Services Group
1716 N. Sanborn Blvd, PO Box 790
Mitchell, SD 57301
Phone: 605-996-7171
Toll Free: 800-658-3603
Website: www.dicefinancial.com
March/April 2025
Heirs of 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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Securities and investment advisory services offered through Osaic Wealth, Inc. member FINRA/SIPC. Osaic Wealth is separately owned and other entities and/or marketing names, products or services referenced here are independent of Osaic Wealth. Insurance Services offered through Dice Financial Services Group.
Dice Financial Services 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.
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