Assignment 1
From: Kelly Pugh
Re: Assignment 1 Wills Trust and Estates
Date: 10-06-14
John has 3 children, Steve, Tina and Samantha. Steve and Tina predecease John. Steve leave 4 children, Don, Donna, Doug and Derek. Tina leaves two children, Alicia and Allison. All of John’s grandchildren are alive at the time of his death. John dies with $200,000 in assets after all expenses are paid off. In his Will, John left all his money to his “issue.”
a) how much money each beneficiary receives if the jurisdiction follows the rule that “issue” means "per stirpes"; and
Answer to A: In a per stirpes distribution, a group represents a deceased ancestor. The group takes the proportional share to which the deceased ancestor would have been entitled if still living.term used to denote a method used in dividing the estate of a person. A person who takes per stirpes, sometimes called by right of representation, does not inherit in an individual capacity but as a member of a group.
Under "per stirpes" distribution the estate is to be divided by the number of members of the 1st generational side of the Allen Family, who are either alive or are survived by the rest of the family. Each family member who is still alive is allowed to take that share from John's Estate, and the shares of the deceased members drop to the next generation that followed. The process is repeated for that particular generation. The share that drops is divided by the number of members in that side of the family who are either alive or are survived by. This process continues until all of the shares are split up and taken by that family member.
In this situation Samantha will get only a third as the sole surviving child of John's, which equaled out to a total of $66,666.66. Steve has his 1/3 shared by four children equals a 1/12th interest per child for Don, Donna, Doug , and Derek $16,666.66 each.Tina's 1/3 here goes to Alicia and Allison get 1/6 a piece $33, 333.33.
b) how much money each beneficiary receives
Re: Assignment 1 Wills Trust and Estates
Date: 10-06-14
John has 3 children, Steve, Tina and Samantha. Steve and Tina predecease John. Steve leave 4 children, Don, Donna, Doug and Derek. Tina leaves two children, Alicia and Allison. All of John’s grandchildren are alive at the time of his death. John dies with $200,000 in assets after all expenses are paid off. In his Will, John left all his money to his “issue.”
a) how much money each beneficiary receives if the jurisdiction follows the rule that “issue” means "per stirpes"; and
Answer to A: In a per stirpes distribution, a group represents a deceased ancestor. The group takes the proportional share to which the deceased ancestor would have been entitled if still living.term used to denote a method used in dividing the estate of a person. A person who takes per stirpes, sometimes called by right of representation, does not inherit in an individual capacity but as a member of a group.
Under "per stirpes" distribution the estate is to be divided by the number of members of the 1st generational side of the Allen Family, who are either alive or are survived by the rest of the family. Each family member who is still alive is allowed to take that share from John's Estate, and the shares of the deceased members drop to the next generation that followed. The process is repeated for that particular generation. The share that drops is divided by the number of members in that side of the family who are either alive or are survived by. This process continues until all of the shares are split up and taken by that family member.
In this situation Samantha will get only a third as the sole surviving child of John's, which equaled out to a total of $66,666.66. Steve has his 1/3 shared by four children equals a 1/12th interest per child for Don, Donna, Doug , and Derek $16,666.66 each.Tina's 1/3 here goes to Alicia and Allison get 1/6 a piece $33, 333.33.
b) how much money each beneficiary receives