How does my widowed father leave his estate equally to his children?
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How does my widowed father leave his estate equally to his children?
There were 5 children; 1 has passed away and he wants to leave that portion to the grandchild. What should he put as the beneficiary on his financial accounts ( checking account, savings, brokerage account, etc). I read a little bit about per stipes, but should that what is listed on each account? For example, should his checking account list the beneficiary as ‘issue per stirpes’ on the actual account?
Asked on May 25, 2015 under Estate Planning, Michigan
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 8 years ago | Contributor
The best way is by a will. It can be a simple one (draftable by the average attorney for $500 or less, at least in my experience) which simply lists that he leaves his estate equally to John, James, Jane, Jimmy, Joe, and Jill Doe, his children and grandchildren (for each, list the relation). That is the safest (no chance of beneficiaries accessing assets now, pre-death) and most straighforward way to handle his situation.
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