19:22
Though you should look at the alumni and employment outcomes for Seton Hall, they may place more people in NYC than you'd think
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LSDefine
Simple English definitions for legal terms
heir
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A quick definition of heir:
An heir is someone who can legally receive property or money from someone who has died without leaving a will or trust. If there is no plan in place, state laws decide who the heirs are and how the assets are divided. There are different types of heirs, like the first in line for inheritance, 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 plan, the heirs are next of kin. A beneficiary is someone named by the estate owner to receive property or money from the estate. An heir and a beneficiary are different because an heir gets inheritance by law, but a beneficiary is someone chosen by the estate owner to receive property or money.
A more thorough explanation:
An heir is a person who can 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:
- Heir apparent: the first in line for inheritance
- Presumptive heir: whose right may be defeated
- Adoptive heir: who has the same rights as biological children
- Collateral heir: 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.
For example, if someone dies without a will, their spouse and children are usually the first in line to inherit their property. If they have no spouse or children, their parents or siblings may be the heirs.
A beneficiary, on the other hand, 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.