What is the opposite of per Stirpes?
What is the opposite of per Stirpes?
The two terms “per stirpes” and “per capita” are opposite terms. A will, or other document, usually has one or the other term used at least one time. Literally, the term “per stirpes” means “in the stirrups of” and means that the grandchildren are “in the stirrups of” the children.
What does or to the survivor of them mean?
Survivors or Descendants If you are giving property to two or more persons and you want it all to go to the other if one of them dies, then you would specify “or the survivor of them.”
What is included to calculate your elective share?
Below is an example of a state elective share statute: The state law defines elective share as following; a) Elective share is the value of estate of deceased subtracts the value of estate owned separately by the surviving spouse. b) It is fixed one-third portion of the estate.
What is the spousal elective share in Massachusetts?
In Massachusetts, like many other states, the elective share statute aims to prevent one from disinheriting a spouse. The elective share statute permits a surviving spouse to set aside their deceased spouse’s will and instead claim a statutorily-defined portion of the deceased spouse’s probate estate.
What does augmented estate mean?
Definition from Nolo’s Plain-English Law Dictionary Generally, property owned by both a deceased person and the surviving spouse, plus any property the deceased spouse gave away shortly before death. The concept of an augmented estate is used only in some states.
Is Maryland a community property state for death?
No, Maryland is not a “community” property state. It is an “equitable distribution” state. Unlike “community” property, “equitable” does not mean “equal.” Equitable is defined as fair and just under the facts of the particular case.
What happens to my house if I don’t have a will?
In most cases, your property is distributed in split shares to your “heirs,” which could include your surviving spouse, parents, siblings, aunts and uncles, nieces, nephews, and distant relatives. Generally, when no relatives can be found, the entire estate goes to the state.
What would make a will invalid?
A will can also be declared invalid if someone proves in court that it was procured by “undue influence.” This usually involves some evil-doer who occupies a position of trust — for example, a caregiver or adult child — manipulating a vulnerable person to leave all, or most, of his property to the manipulator instead …
Is the elective share right transferable by the surviving spouse?
Surviving Spouse’s Property is Included in the Elective Share. The surviving spouse’s property is included in the elective share estate. Specifically, UPC §2-207 includes all the surviving spouse’s property, all nonprobate transfers to the surviving spouse, and all nonprobate transfers by the surviving spouse to others …
What is an EPTL exemption?
Under New York Estates Powers and Trusts Law (EPTL) 5-3.1, when a person dies leaving a spouse, or he or she dies without a spouse but leaves children under 21, specific assets are deemed to pass to those family members outside of the decedent’s estate, without an executor or administrator being appointed to manage …
Who will inherit my house when I die?
If there is no surviving partner, the children of a person who has died without leaving a will inherit the whole estate. This applies however much the estate is worth. If there are two or more children, the estate will be divided equally between them.
What is a share in a will?
Drafting Wills Bequests in a will can leave all property to one specified person or you may divide assets between two or more individuals. If an item such as a ring or a car is left in equal shares to more than one person, it is generally sold and the proceeds are divided equally.
How is augmented estate calculated?
To accomplish that, the augmented estate is calculated by combining the value of the probate estate with such things as the value of gifts given by the decedent to third parties, property or accounts held in survivorship estates (such as a joint bank account, the proceeds of which would pass to the survivor among the …
Is share and share alike the same as per Stirpes?
Per capita means “by the heads.” Also called “share and share alike,” property is divided equally among surviving descendants in the same generation nearest the testator. A deceased person’s share is not set aside but is mingled with the estate and divided among the other recipients.
Who gets the house in a divorce in Maryland?
In a Maryland divorce, judges don’t always divide marital property right down the middle using a 50/50 split. Because Maryland is an equitable distribution state, the divorce court will divide property fairly between the spouses, but not always equally.
How long would a decedent and spouse have to be married for the surviving spouse to be entitled to an elective share percentage of 50 percent of the augmented estate?
Under the new scheme, surviving spouses of marriages lasting 15 years or longer are entitled to claim an elective share of 50% of the marital property.
What happens to money in your bank when you die?
When someone dies, their bank accounts are closed. Any money left in the account is granted to the beneficiary they named on the account. Any credit card debt or personal loan debt is paid from the deceased’s bank accounts before the account administrator takes control of any assets.
What does it mean to elect against a will?
Election under the will means ‘electing to take against the will’. Under the principle of election under the will, the surviving wife can elect to receive a particular share of deceased spouse’s estate in lieu of receiving the specified share left to him/her under the deceased spouse’s will.
What does share and share alike mean in a will?
share and share alike. adj. referring to the equal division of a benefit from an estate, trust or gift, which includes the right of the survivors to divide the portion of any beneficiary who dies before receiving the gift.
What is an alternate beneficiary?
Definition from Nolo’s Plain-English Law Dictionary In insurance law, the alternate beneficiary, usually the person who receives the insurance proceeds because the initial or primary beneficiary has died, is sometimes called the secondary or contingent beneficiary.