Are you curious to know what is a devisee? You have come to the right place as I am going to tell you everything about a devisee in a very simple explanation. Without further discussion let’s begin to know what is a devisee?
If you’re dealing with a deceased person’s estate or inheritance, you may come across the term “devisee.” In this blog, we’ll discuss what a devisee is, their role in estate planning, and how they differ from other beneficiaries.
What Is A Devisee?
A devisee is a person who is named in a will to receive a specific gift or property from the deceased person’s estate. In other words, a devisee is someone who is entitled to receive a specific item or asset as part of their inheritance.
A devisee can be an individual or an organization, such as a charity or non-profit. Devisees can be named for a wide range of assets, including real estate, personal property, and financial accounts.
Role Of A Devisee In Estate Planning
When creating a will, a person can name one or more devisees to receive specific gifts or assets from their estate. The will should clearly identify the specific property or asset being gifted and the name of the devisee.
Naming devisees in a will can help ensure that a person’s assets are distributed according to their wishes. It can also help avoid disputes among family members or other beneficiaries.
How Devisees Differ From Other Beneficiaries?
Devisees differ from other beneficiaries in that they are named to receive specific gifts or assets from the deceased person’s estate. Other beneficiaries, on the other hand, may receive a percentage of the estate or a share of the remaining assets after specific gifts have been distributed to the devisees.
For example, a person may name their spouse as the devisee of their primary residence and their children as beneficiaries of the remainder of their estate. In this scenario, the spouse would be entitled to receive the primary residence as their specific gift, while the children would receive a share of the remaining assets.
Conclusion
In summary, a devisee is a person or organization named in a will to receive a specific gift or property from the deceased person’s estate. Devisees play an important role in estate planning by ensuring that specific assets are distributed according to the deceased person’s wishes. Devisees differ from other beneficiaries in that they receive a specific gift or asset, while other beneficiaries may receive a percentage of the estate or a share of the remaining assets.
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FAQ
What Is The Difference Between An Heir And A Devisee?
“Heir” generally refers to a person who is entitled to receive the decedent’s property under the statutes of intestate succession, the distribution process that occurs when someone passes away without a will. A “devisee” is any person designated to receive real or personal property in a decedent’s will.
What Is The Difference Between A Beneficiary And A Devisee?
Beneficiary is a broad term used to describe someone who is named to receive an asset, whether the asset is passed through a will or other type of account. Devisees are beneficiaries of a will, but not all beneficiaries are devisees.
What Does Devisee Mean In A Will?
Historically speaking, a “devisee” is someone who receives real property (as opposed to personal property) from an estate. In modern times, though, a devisee usually refers to anyone who receives property by being named in a decedent’s will whether they are related or not—like a friend, as described above.
What Is The Difference Between A Devisee And A Distributee?
SCPA 103(14) defines a distributee as follows: “Distributee. Any person entitled to take or share in the property of a decedent under the statutes governing descent and distribution.” What is a devisee? A person who receives real estate, such as a house from a will.
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