Definitions
- Referring to a person who receives property or assets through a will or testamentary instrument. - Talking about a legal term used in estate planning and probate law. - Describing a person who is designated to receive a specific item or asset in a will.
- Referring to a person who receives benefits, funds, or assets from a trust, insurance policy, or other financial arrangement. - Talking about a legal term used in estate planning, insurance, and financial law. - Describing a person who is entitled to receive something of value from another person or entity.
List of Similarities
- 1Both words refer to a person who receives something of value.
- 2Both words are commonly used in legal and financial contexts.
- 3Both words involve the transfer of assets or property from one party to another.
- 4Both words can be used to describe a person who is entitled to receive something through a legal instrument.
What is the difference?
- 1Type of transfer: Devisee typically refers to the transfer of property or assets through a will or testamentary instrument, while beneficiary can refer to the transfer of funds, benefits, or assets through various financial arrangements.
- 2Timing: Devisee receives property or assets after the death of the testator, while beneficiary can receive benefits or assets during the lifetime of the grantor.
- 3Scope: Devisee is limited to the transfer of property or assets through a will or testamentary instrument, while beneficiary can refer to a broader range of financial arrangements such as trusts, insurance policies, and retirement accounts.
- 4Legal implications: Devisee is a term used specifically in estate planning and probate law, while beneficiary can have legal implications in various areas of law such as tax law, contract law, and property law.
Remember this!
Devisee and beneficiary are both terms used to describe a person who receives something of value. However, devisee is a legal term used specifically in estate planning and probate law to refer to a person who receives property or assets through a will or testamentary instrument. On the other hand, beneficiary is a more general term used in various legal and financial contexts to refer to a person who receives benefits, funds, or assets from a trust, insurance policy, or other financial arrangement.
