Article III

I give my residuary estate, which shall not include any property over which I have power of appointment, to my spouse, if then living on the day after the date of my death, or if my spouse is not then living, per stirpes, to my descendants living at my death; provided, however, that if any such descendant of mine has not reached legal age under the law of the jurisdiction in which that descendant is domiciled at the time of distribution under this Article, then distribution of his or her share shall be made to the person having legal custody of said child, and such person shall represent the child, receipt for and hold the child’s share for his or her benefit.

As we discussed, your residuary estate is that property you have left over after giving away specific items, such as your personal property, and after taxes and expenses. A power of appointment is a right to give someone else's property away. For instance, Tom's father may have created a trust for Tom, but after Tom dies, he is allowed to appoint who should get the trust. If you have a power of appointment, you must specifically refer to it and state how you wish to exercise it. The other term you may not be familiar with is the Latin term per stripes. To distribute something to your descendants, per stripes, you would go to the next generation in which you have living descendants. Your residuary estate would then be divided into as many shares as you have living descendents at that generation and into as many shares as you have pre-deceased descendants who left living descendants. As an example if Tom has two living children and one child who is deceased but left children living, Tom's residuary estate would be divided into one-third for each of the two living children and the deceased child's children would split the remaining one-third.

Дата добавления: 2015-07-20