What is the difference between next of kin and beneficiary?

The term “Next of kin” refers to your nearest relation according to law, someone to be called upon in case of any eventuality. It should however be noted that a next of kin is not necessarily the person intended as direct beneficiary of the deceased’s estate or entitlement.

What is the difference between beneficiary and inheritance?

So, in this case, it’s going to be spouses, children, grandchildren, other relatives. If you die intestate, meaning without a will, your heirs are the people who would automatically inherit. Beneficiaries, on the other hand, are people who are named in your will to inherit things.

What is the difference between heir and next of kin?

by Brette Sember, J.D. Generally, the decedent’s next of kin—closest family members related by blood—are first in line to inherit as heirs, but state laws determine who is considered next of kin and the order in which they inherit.

Does a beneficiary override a next of kin?

A legally and properly executed will that covers inheritable property usually takes precedence over next-of-kin inheritance rights. But if the deceased person left no will, their estate passes to a surviving spouse in nearly all states.

Will beneficiary rights?

To do so, beneficiaries must be provided with enough information to enforce their rights. This generally includes the right to receive a copy of the Will shortly following the death of the deceased, and the right of being informed about the assets of the estate within a reasonable period of time.

What does immediate next of kin mean?

A person’s next of kin (NOK) is that person’s closest living blood relative. Some countries, such as the United States, have a legal definition of “next of kin”. For example, if a person dies intestate, the laws of some jurisdictions require distribution of the estate to the decedent’s spouse or children.