An estate is the property of an individual at the time of their death. All real and personal property, including money and other assets, are included in the estate. The estate is responsible for any debts and liabilities the individual may have. The estate is divided among the heirs according to the individual's will or, if there is no will, according to state law.
Does per stirpes supersede contingent beneficiary?
No, per stirpes does not supersede contingent beneficiary. Per stirpes is a method of distributing assets in which each beneficiary receives an equal share of the assets. Contingent beneficiary is a term used to describe someone who is entitled to receive assets only if certain conditions are met, such as the death of the primary beneficiary. Does per stirpes mean bloodline? Yes, per stirpes is a term used to describe the distribution of assets among blood relatives. When assets are distributed per stirpes, they are typically divided among the descendants of the deceased person in accordance with their familial relationship to the deceased. For example, if a person dies without a surviving spouse or children, their assets would typically be distributed to their parents or siblings (if any) per stirpes. How many generations does per stirpes cover? The term "per stirpes" is used in estate planning to determine how a person's property should be distributed if they die before distributing it themselves. It typically covers three generations of descendants, but can be expanded to cover more.
What does representation per stirpes mean?
When a decedent dies leaving behind surviving descendants, representation per stirpes is a system of distributing the decedent's estate amongst those descendants. Under this system, each generation of descendants is treated as a single unit, and each unit is entitled to an equal share of the estate. This system is meant to provide fairness to all descendants, regardless of their individual relationship to the decedent.
What is a per stirpes Trust?
A per stirpes trust is a type of trust that provides for the distribution of assets among beneficiaries in the event that one or more of the beneficiaries predeceases the grantor of the trust. Under a per stirpes trust, the assets of the trust are distributed among the beneficiaries according to their respective shares, and if any beneficiary dies before the grantor, that beneficiary's share is distributed among his or her descendants.