Do Grandchildren Inherit Parents’ Portion If Parent Is Deceased?

Understanding Inheritance Laws

Inheritance laws can be complex and vary by state, but there are general principles that apply.

Probate and Non-Probate Assets

Probate assets are those that pass according to a will or state intestacy laws if there is no will. Non-probate assets, such as life insurance policies or joint bank accounts, pass directly to the named beneficiaries.

The Role of a Will

A will is a legal document that dictates how a person’s probate assets will be distributed after their death. If a person dies without a will, state intestacy laws determine the distribution of assets.

The Concept of ‘Per Stirpes’

The term ‘per stirpes’ is Latin for ‘by roots’ and is a legal concept in estate planning that determines how assets are distributed if a beneficiary predeceases the decedent.

How ‘Per Stirpes’ Works

In a ‘per stirpes’ distribution, if a child predeceases their parent, that child’s share would go to their descendants – the decedent’s grandchildren.

Example of ‘Per Stirpes’

For instance, if a mother leaves her estate to her two sons, and one son predeceases her, then his children (her grandchildren) would inherit his share.

Why You Need Expert Estate Planning

Estate planning can be complicated, but it’s crucial to ensure your loved ones are taken care of after your passing.

The Importance of a Clear Estate Plan

A clear estate plan can prevent potential disputes and ensure your assets are distributed according to your wishes. It can also address the question of whether grandchildren inherit if their parent is deceased.

Why Choose Hess-Verdon & Associates

When it comes to estate planning, you need the expertise of a seasoned firm like Hess-Verdon & Associates. With over three decades of experience in estate planning, business, and commercial litigation, we are committed to delivering comprehensive, results-oriented legal counsel. Our extensive background in trial preparation, strategy, and presentation sets us apart. Contact us at 1-888-318-4430 for personalized assistance.

Conclusion

In conclusion, whether grandchildren inherit their parent’s portion if the parent is deceased depends on several factors, including the existence of a will, state inheritance laws, and the concept of ‘per stirpes’. A well-thought-out estate plan is essential to ensure your wishes are carried out and to avoid potential disputes. Hess-Verdon & Associates can provide the expert guidance and support you need in navigating the complexities of estate planning and probate law.

FAQs

1. What happens if there is no will and a parent predeceases their child? In the absence of a will, state intestacy laws determine the distribution of assets, which may include provisions for grandchildren to inherit their parent’s share.
2. Do all states recognize ‘per stirpes’ distribution? Most states recognize ‘per stirpes’ distribution, but the specifics may vary. It’s essential to consult with an estate planning attorney familiar with your state’s laws.
3. Can I specify in my will that my grandchildren inherit their parent’s share if the parent is deceased? Yes, you can include provisions in your will to ensure that your grandchildren inherit their parent’s portion in the event of the parent’s death.
4. What if my grandchild is a minor when they inherit? If a grandchild inherits assets while they are still a minor, a legal guardian or trustee may manage those assets on their behalf until they reach the age of majority.
5. How can Hess-Verdon & Associates help with estate planning? Hess-Verdon & Associates offer unparalleled estate planning expertise, dependability, and sophistication in trust and probate litigation. Our team is committed to providing comprehensive legal counsel to trustees, beneficiaries, business entities, and real estate partners. Contact us at 1-888-318-4430 to learn more.