What does it mean to be a beneficiary?
Well, let’s talk a little bit about a beneficiary versus an heir. An heir is a person who benefits from your estate as dictated by local and federal law when no will or trust is available. Does it go to your children? Does it go to your spouse? How often and what percentage? Those are heirs.
Beneficiaries are very different. Beneficiaries are the people that you choose to receive, and be the beneficiaries of your estate, either in life or in death.