Is a beneficiary the same as next of kin?

If there are no kin in the first two levels, then the deceased’s parents inherit. If there are no living parents, then siblings of either full or half-blood inherit. If there are no surviving siblings, then lineal descendants of the grandparents, such as nieces and nephews, become the beneficiaries.

Who is considered a beneficiary?

A beneficiary is any person who gains an advantage and/or profits from something. In the financial world, a beneficiary typically refers to someone eligible to receive distributions from a trust, will, or life insurance policy.

When someone dies who is next of kin?

Understanding Next of Kin In this context, the next of kin is the spouse. Inheritance rights use the next of kin relationship for anyone who dies without a will and no spouse or children. Surviving individuals may also have responsibilities during and after their relative’s life.

Is my mother or my daughter my next of kin?

Parents If the person who died has no surviving spouse or civil partner, and no children over 18, their parents are considered their next of kin. 4. Siblings If the person who died had no living spouse, civil partner, children or parents, then their siblings are their next of kin.

Can an heir be a beneficiary?

A beneficiary may be an heir — or in other words, a blood relative — but can just as easily be a friend or favorite charity. The term “heir” is often used when someone has died without a will, which is referred to as dying intestate.

What happens when you are a beneficiary?

A beneficiary is the person or entity that you legally designate to receive the benefits from your financial products. For life insurance coverage, that is the death benefit your policy will pay if you die. For retirement or investment accounts, that is the balance of your assets in those accounts.

What are examples of next of kin?

A person’s next of kin is that person’s closest blood relative (or legal equivalent) who is still alive. For example, a person’s spouse, child, parent, or sibling could all be their next of kin. More distant relations can also be someone’s next of kin if they do not have more immediate family.