HEIR
Pronunciation
Traditional IPA: / eə /
One syllable: (AIR)
Definition
An heir is a person who inherits the properties of his parents or ancestor or any of his relatives under the due process of law.
Types of Heirs
i) A collateral heir is a relative, who is not a direct descendant, but can be a sibling, cousin, uncle, aunt, nephew, or niece.
ii) A lineal heir is someone who inherits things in an indirect way, one who ascends/descends from a common ancestor, viz. parents, or children.
Example
Late Mr. Sanjay's legal heirs are his wife Mrs. Mithila, his elder son Mr. Raghunath and his youngest daughter Ms. Pariniti. As his legal heirs, they are entitled to inherit all of his properties and estates.
LEGATEE
Pronunciation
Traditional IPA: /ˌlegəˈtiː/
Break down into 3 syllables: (Leg) + (uh) + (tee)
Definition
A legatee is someone who receives property via a will.
Example
X receives 100 acre land from Y. Before death, Y had left a will naming X as his legatee for 100 acre land.
DEVISEE
Pronunciation
Traditional IPA: / dɪ vaɪˈzi /
Break down into 3 syllables: (duh) + (vai) + (zee)
Definition
The individual or entity receiving real property as the result of a devise.
A devise is an act of transferring real property by a will, wherein one or more clauses of a will describes in detail such a transfer and the details of the property disposed of in such a transfer.
Here, the real property means immovable property, which can be land and anything attached to the land viz. buildings, ponds, any fixtures or structures on the land, etc.
Example
When Mr. A passed away, his claim passed to his devisees (Mrs. B, Ms. C and Mr. D), subject to the administration of his estate.
BENEFICIARY
Pronunciation
Traditional IPA: / ˌbenəˈfɪʃəriː /
Break down into 5 syllables: (BEN) + (uh) + (FISH) + (uh) + (ree)
Definition
A beneficiary is a person, or a group, or an entity who is entitled to receive asset(s), or profit(s), or benefit(s), or advantage(s) under a will, or via a contract (e.g. insurance policy, annuity), or property held in trust, or from any instrument which is up for distribution.
Types of beneficiary: (i) incidental beneficiary, (ii) third party beneficiary, (iii) intended beneficiary, (iv) creditor beneficiary, (v) donee beneficiary.
Example
Ms. T, the sole child of Mr. R, is to inherit the balance remaining in the bank accounts of Mr. R, who passed away recently. Hence, Ms. T is the beneficiary of Mr. R.
SUCCESSOR
Pronunciation
Traditional IPA: / səkˈsesə /
Break down into 3 syllables: (suhk) + (SES) + (uh)
Definition
A person or a thing that succeeds/follows/takes over another person or thing in an office, rank, property, job, title, position, throne, estate, stocks, privileges, stocks or the like.
Opposite term: Predecessor. A successor succeeds his predecessor.
Example
Greg Abel is named as the designated successor who will succeed the legendary investor - Warren Buffett's Berkshire Hathaway investment firm.
INHERITOR
Pronunciation
Traditional IPA: / ɪnˈherɪtə /
Break down into 4 syllables: (in) + (HERR) + (i) + (tuh)
Definition
An inheritor is a person who inherits an inheritance.
To inherit means to receive an inheritance by transfer/transposition under intestacy laws, or as a bequest, upon death of a relative.
An inheritance means any asset, property, money or any other wealth, which someone receives under the process of law from another person who has died.
Example
James the elder son of Matthew inherited his father's mansion in Texas after his death.
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