What does it mean when a will says share and share alike?
What does it mean when a will says share and share alike?
Definition: Share and Share Alike When a gift in a will is designated to pass to a group of two or more beneficiaries “share and share alike,” the gift will be divided into as many equal shares as there are designated beneficiaries who survive the testator. Each surviving beneficiary in the group receives one share.
Does per stirpes mean equal shares?
An estate of a decedent is distributed per stirpes if each branch of the family is to receive an equal share of an estate. When the heir in the first generation of a branch predeceased the decedent, the share that would have been given to the heir would be distributed among the heir's issue in equal shares.
What is the alternative to per stirpes?
What is per stirpes? This Latin legal term means that, if your primary beneficiary dies before you die, their next of kin inherits your money. The alternative is known as per capita. By choosing per capita, you are ensuring your money goes to your primary beneficiaries only.
What does equal shares mean in a will?
living at my death, in equal shares or to the survivor(s) Note This means that if all children are living on the date of death, they will share the benefit equally. If, however, any should die before the date of death, then the surviving children will receive the benefit in equal shares. Example.
Should inheritance be distributed equally between siblings?
The standard advice among experts is to divide your estate equally between your children. Two-thirds said a child who steps in as primary caregiver for an aging mom or dad deserves to inherit more than other siblings.
What does equally mean in a will?
As estate planning attorneys point out, there is a difference between leaving an equal inheritance, where each child receives the same amount, and an equitable inheritance, where each child receives what's fair, given their circumstances.
How do you divide estates between siblings?
Selling the Home: The easiest solution when inheriting a house with siblings is generally to sell the house and divide the proceeds from the sale among the siblings according to the percentage shares each sibling had been designated by the will or trust.
What does equal shares mean in a trust?
share and share alike
What's the difference between joint tenancy and tenants in common?
This is the main difference between these two kinds of tenancy. In tenancy in common, the death of one of the parties shall have the effect of transferring the rights of the decedent tenant in favor of his heirs. In joint tenancy, the parties enjoy the right of survivorship.
What is the difference between joint tenants in common and joint tenants with rights of survivorship?
Right of Survivorship When a property is owned by joint tenants with survivorship, the interest of a deceased owner automatically gets transferred to the remaining surviving owners. But tenants in common have no rights of survivorship.Oct 7, 2019
What is joint tenants in common?
When two or more people own a home, either as a joint tenancy or tenancy in common, each person owns a share of the entire property. This means that specific areas of the house are not owned by one individual, but instead, are shared as a whole.Feb 3, 2020
Does share and share alike mean per capita?
This idiom is particularly used in wills and legal documents declaring what portion of the estate goes to each person. Share and share alike means that each person has an equal portion of the allotment. Another phrase used in wills that means the same thing is per capita.