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Per stirpes is a legal term meaning that an estate should be distributed equally to the immediate living branches of the deceased’s family. Inheritance by lineage ensures equal distribution and simplifies asset distribution. An executor must be appointed to manage the estate and liquidate assets to allow for equal distribution.
Per stirpes is a legal term used in probate law to mean that the proceeds of an estate should be distributed equally to the immediate living branches of the deceased’s family. This is a common clause in inheritance when people want their children and their children’s heirs to inherit equally. One advantage of a lineage clause is that it doesn’t need to be adjusted since living branches of the family fluctuate.
In a simple example of inheritance by lineage, if John has three children – Peter, Mary and George – each of the three children will inherit one-third of John’s estate when he dies. If any of them have children, their children will inherit nothing as long as their parents are still alive. If Mary dies before John, leaving two children, the third of the estate that would have gone to her will be divided equally among her children. In theory, if one of her sons in turn had had children and died before John, that son’s share of the inheritance would have been divided equally.
In inheritance by lineage, everyone inherits equally. People may want to distribute their properties equally for any number of reasons. People who fear a conflict over a will may choose equitable distribution, as it can be more difficult to contest in court. Individuals will not be able to claim that they were discriminated against in the will because everyone got an equal share of the estate. The distribution of assets is also greatly simplified with the use of a lineage inheritance.
There are several ways to structure an inheritance. When planning a will, people may want to discuss their options with an estate planner to ensure that the will is written and executed the way they intend. Talking to someone about being an executor beforehand and expressing explicit wishes to this person can also be helpful.
To distribute the inheritance, a series of steps must be followed. An executor must be appointed to manage the estate, and the executor generates a complete catalog of the contents of the estate and their value. The inheritance is liquidated to allow everyone to receive an equal share, unless the will is more specific; for example, people may own equal shares in a family home without needing to sell it, and may have the ability to buy each other out in the future.
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