I’ve seen it argued that “to my children per stripes” excludes predeceased children, in contrast “to my children in equal shares, provided that the issue of any child that predeceases me shall receive that child’s share per stripes” or something along those lines.
Also problems occur if the account ultimately passes to a beneficiary who is receiving needs based govt benefits, has creditors or substance abuse issues, or is a minor, or is otherwise younger than you want them to have money. Or if your estate owes estate taxes and possibly needs to claw back money from the beneficiaries.
All things that can be avoided by running the accounts through a revocable trust (or possibly a testamentary trust) designed to solve those issues.
Also problems occur if the account ultimately passes to a beneficiary who is receiving needs based govt benefits, has creditors or substance abuse issues, or is a minor, or is otherwise younger than you want them to have money. Or if your estate owes estate taxes and possibly needs to claw back money from the beneficiaries.
All things that can be avoided by running the accounts through a revocable trust (or possibly a testamentary trust) designed to solve those issues.
Statistics: Posted by Joey Jo Jo Jr — Mon Oct 21, 2024 10:51 pm — Replies 9 — Views 1054