Heir

Related terms

• Beneficiary — A beneficiary is a person or organization designated to receive an asset or benefit from a will, trust, life insurance policy, retirement account, or other arrangement. Being named a beneficiary gives someone a legal right to receive that specific asset — often outside of probate — when the owner passes.
• Intestate — Intestate means dying without a valid will. When that happens, state law — called intestate succession — decides who inherits, in a fixed order that usually favors a spouse and children, then other close relatives. The court appoints an administrator to settle the estate.
• Per Stirpes — Per stirpes is a Latin phrase meaning "by the branch." When an inheritance is distributed per stirpes, a deceased beneficiary's share passes to their descendants rather than lapsing or being split among the surviving beneficiaries. If a child of the deceased predeceased them, that child's share goes to their own children (the grandchildren of the deceased) in equal parts.
• Per Capita — Per capita is a Latin phrase meaning "by the head." When an inheritance is distributed per capita, each surviving person in the designated class receives an equal share. If a member of that class has already died, their share is divided equally among the remaining survivors rather than passing to their descendants.
• Escheat — Escheat is the legal process by which a person's property passes to the state when they die with no valid will and no living heirs who can be found. It also applies to dormant financial accounts — banks and other institutions are required in most states to turn over unclaimed funds to the state after a period of inactivity.