By Keith R Lyman
Rearranging your monetary priorities as you close to retirement? Have resources you need to move to others? beginning to become aware of it is time to get your monetary affairs so as? no matter what your cause, Alpha educate your self property making plans in 24 Hours makes it basic to get via this complex yet crucial method. The 24 classes during this step by step advisor maintain you on course as you research the easiest how one can deal with your property — one hour at a time.
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Extra resources for Alpha Teach Yourself Estate Planning in 24 Hours
If all three children are living at Ann’s death, each of the three inherit 1/3. The language “per stirpes” has no bearing on this distribution since all of the primary beneficiaries are living. Suppose, however, that Bob dies before Ann. Since Ann’s will says “per stirpes,” Bob’s 1/3 share will pass to those who inherit his share, which in this case is his only child. Carl and Dolly will still get their 1/3 share each. Since a primary beneficiary is deceased, the use of the term “per stirpes” becomes appropriate.
Each will therefore inherit 1/7 of Ann’s estate. Fortunately, most state laws provide a presumption that distribution shall be per stirpes, at least as it pertains to children and other lineal descendants. Nevertheless, it is a good practice to specify in a will or trust how the property is to be distributed in the event of the death of a primary heir. STRICTLY DEFINED Lineal descendants are those in a direct line from an ancestor. This would include children, grandchildren, great-grandchildren, and so on.
THE NATURE OF PROPERTY OWNERSHIP As one looks back over the history of inheritance laws and practices, it becomes clear that the nature of property ownership has played an important role in the development of laws governing inheritance. In very primitive times, group ownership of property was relatively common. In those cultures, the death of a person was not particularly significant in terms of transfer of property because other owners were still alive. Since individuals did not own much property of their own, the issue of where property went after an individual’s death was relatively non-existent.