What is the difference between a testator and a beneficiary?
The primary difference between a testator and a beneficiary lies in the respective roles they play within the realm of inheritance law in the state of Washington. A testator is the person who creates an estate plan or last will and testament before their death, with the intention to assign, distribute or transfer their assets or property after they have passed away. This includes making decisions as to who should receive what assets and in what amount. A beneficiary, meanwhile, is the person or persons who are designated to receive any of the assets or property outlined in the estate plan and identified by the testator. Together, testators and beneficiaries form the basis of an estate plan and the laws that govern them. It is important to note that beneficiaries may not necessarily be family members of the testator, however the terms are established in the will. It is also important to consider that beneficiaries are not required to take possession of the assets or property detailed in the estate plan, and may instead elect to pass them on to a third party or revoke their inheritance.
Related FAQs
What is a durable power of attorney?What is the meaning of an executor?
What are the options for distributing trust assets after the death of a beneficiary?
What is the difference between a lifetime gift and a testamentary gift?
How is a will interpreted after someone dies?
What is a non-judicial settlement agreement?
What is an executor’s deed?
What is a generation-skipping transfer tax?
What is the purpose of trust administration?
What are the advantages and disadvantages of a living trust?
Related Blog Posts
Understanding the Basics of Inheritance Laws: A Guide to Successfully Navigating State and Federal Statutes - July 31, 2023How to Ensure Your Estate Plan Reflects Your Wishes Through Inheritance Laws - August 7, 2023
Protect Your Rights as a Beneficiary: Understanding Your Legal Rights After Beneficiary Inheritance - August 14, 2023
Comprehending the Duties and Responsibilities of Executors of Estates: How to Properly Administer an Estate and Fulfill Inheritance Law Requirements - August 21, 2023
Maximizing the Benefits of Inheritance Law for Family Heirs of Estates - August 28, 2023