The same person could qualify as both a legatee and a devisee in a will. What is a beneficiary? A beneficiary has other connotations as well. In a trust, a beneficiary is someone who receives distributions from the trustee. These three terms apply to a will left by a decedent. These terms apply to those receiving vested property, as well as those who may have a future interest whether or not the future interest ever vests.
Decedent also devises his art collection to Cathy and her heirs. In this example: Bob is a devisee because he received the house. Bob is also a beneficiary because all devisees are beneficiaries.
Cathy is a legatee because she received the art collection—a is still single when the decedent died. And Cathy is also a devisee.
She stands to inherit the property in case Bob is single; thus, she has what is known as an executory interest in the property. We consider Cathy a devisee even if she never gets the property because Bob stayed single. Consequently, Cathy is also a beneficiary. A status of a distributee can change depending on the outcome of a consanguinity and kinship proceeding. For example, in the case of In re Reape , [5] Mr. Before we go further, two terms that will aid in understanding the differences between an heir, beneficiary, legatee and devisee are as follows:.
You have probably heard this word in everyday life and have a general understanding of what it means. An heir is a person who is entitled to inherit from a deceased estate because they related. Parents, siblings, grandparents, nieces and nephews, aunts and uncles, and cousins are also heirs. In estate law, heirs are discussed when a person dies without a will in place. If the deceased made a valid will, the relatives receiving property from the will are referred to as legatees or devisees see last section below.
Intestacy laws vary by state, but the surviving spouse and children usually inherit first. Intestacy laws are the reason that having an estate plan, or at least a will, can be so important. The default allocation provided by intestacy laws frequently stands in contrast to how individuals really want their property distributed.
Without a will, the intestacy defaults apply. Technically, a devisee inherits real property, while a legatee inherits personal property. A legatee or devisee can be a person, a business, a charitable organization, or some other type of agency.
A legatee or devisee can even consist of a trust account the deceased designates in their will, because the money will be transferred to the trust, and then to the beneficiaries of the trust. Although intestacy laws differ by state, spouses and children usually inherit first. For example, in South Carolina, a surviving spouse and child split a deceased person's estate equally. If the deceased didn't have children or a surviving spouse, his living parents inherit next.
A legatee may not be related to the person leaving her an item under his will. For example, Bob's will leaves a car to his friend, Carol. Carol isn't his heir, as she's not married to Bob or related to him by blood or adoption, but she is his legatee because she received an item from him in his will. A legatee may be a business, charitable organization or other agency; some states refer to a legatee as a "devisee. The blood relatives of a person's predeceased spouse or his stepchildren may be the heirs to his estate if he dies without leaving a will, depending on state law.
This occurs if he doesn't have any other relatives to inherit from him.
0コメント