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#2221762 - 09/17/19 07:39 PM Per Stirpes
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,741
The Mitten State
Does anyone have any experience with 'per stirpes'? We have a customer who recently passed away, and has 5 children, and his beneficiaries are 'all children per stirpes'. We are looking to see if all 5 children must take the funds at the same time.
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Nonsense wakes up the brain cells.

--Dr. Seuss

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#2221784 - 09/17/19 09:53 PM Re: Per Stirpes JWills, CRCM
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,573
Galveston, TX
Per stirpes means that if a beneficiary dies before you do, their share goes to their descendant.

Under what instrument is the funds being distributed under and what are the funds?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2221794 - 09/18/19 12:54 PM Re: Per Stirpes JWills, CRCM
JWills, CRCM Offline
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JWills, CRCM
Joined: May 2013
Posts: 1,741
The Mitten State
We are attempting to get more details. The funds are a checking account with a minimal balance of under $500.
_________________________
Nonsense wakes up the brain cells.

--Dr. Seuss

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#2221795 - 09/18/19 01:00 PM Re: Per Stirpes JWills, CRCM
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,573
Galveston, TX
Is there not a POD designation on the account? Is this a small estate? Is there a will? I have never heard of a bank distributing proceeds of a decedent's checking account "per strips".
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2221800 - 09/18/19 01:38 PM Re: Per Stirpes JWills, CRCM
JWills, CRCM Offline
Diamond Poster
JWills, CRCM
Joined: May 2013
Posts: 1,741
The Mitten State
We are still gathering information.
_________________________
Nonsense wakes up the brain cells.

--Dr. Seuss

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