Definition of Natural PersonNoun. An individual human being, with consciousness of self. A human being, as opposed to a “legal” person, which is an entity or group considered collectively as a single individual for legal purposes.Origin1175-1225 Latin persōna What is a Natural PersonA natural person is an actual human being, which is different from an “artificial person,” which is a distinction under the law to establish whether a person is acting or appearing as himself, acting or appearing on behalf of a business or other entity. This is because a legal or artificial person is not a person at all, but is instead a collective of people that is being considered as one single entity for the purposes of a legal action. For example, a natural person is different from a legal person, which might be a company, a trust, a partnership, or some other group. Difference Between Natural Person and Legal PersonThere are several differences between a natural person and a legal person. For starters, a natural person is a real living human being, a person with a distinct personality.
When a beneficiary dies before the testator—the person who left the will—what happens to that person's share of the estate if he's no longer alive to receive it? It depends on what the will or trust says—or doesn't say—about the predeceased beneficiary's share. When the Bequest 'Lapses'. Dead to rights › US ( UK bang to rights ) in the act of doing something wrong or illegal: Even if a kid is caught dead to rights with alcohol, we can't punish him.
He generally has the power to think his own thoughts and make his own choices, though a person who is not competent to make his own decisions is still a natural person.The law considers a legal person to be an entity that is seen in the eyes of the law as having certain rights and privileges; that, while not human, is permitted to assert a legal claim, or be subjected to legal duties. For instance, a partnership or a is considered a legal person, for the purposes of applying the law. A natural person can also be considered a legal person and can perform the functions of both. A legal person, of course, can only perform its functions through natural persons.Another important difference between a natural person and a legal person is that a natural person has a limited lifespan. Typically, a natural person does not live longer than 100 years or so.
A legal person, on the other hand, can live on for longer than a natural person, in that a corporation can be inherited by its president’s successors, or a trust may continue to the benefit of generations of people. The corporation or trust can continue to operate long after the person who established it has passed away.Yet another difference between a natural person and a legal person is that a natural person can only be classified as a living, breathing human being. The legal person definition can be used to refer to a host of organizations. For example, natural persons differ from legal persons in that the latter consist of deceased persons, unborn persons, partnerships, corporations, universities, societies, and companies, to name a few.