heir

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An heir is a person who may legally receive property or assets from a deceased person's estate when there is no will or trust in place; this is called dying intestate, and state laws then determine who the heirs are and how the assets are passed down. 

There are different types of heirs such as the heir apparent who is the first in line for inheritance, the presumptive heir whose right may be defeated, the adoptive heir who has the same rights as biological children, and the collateral heir who is a blood relative but not a direct descendant

An heir's rights to an inheritance may be set out in a trust or will, but if there is no estate plan, the heirs are next of kin

beneficiary is a person named by the estate owner to receive property or assets from the estate. An heir and a beneficiary are different, as an heir is entitled to inheritance by law if there is no estate plan, but a beneficiary is someone named by the estate owner to receive property or assets. 

[Last updated in June of 2023 by the Wex Definitions Team]