How does my widowed father leave his estate equally to his children?

Get Legal Help Today

 Secured with SHA-256 Encryption

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 6 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.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption