eState Planner wills use a common drafting technique called "floating shares" when dividing the residue. Rather than using percentages or fixing the total number of shares/parts, the total number of share/parts are determined based on how many shares are necessary to distribute the entire estate. This automatically takes into account gifts of shares/parts that would lapse because the beneficiaries have predeceased.
eState Planner wills begin the distribution of a part of the residue with the following predicate:
"If at least one beneficiary referred to below is alive at the [Survival Date] to deal with [50] Parts as follows:"
This clause makes it clear that you only need to create those 50 Parts if the distribution is going to be necessary.
In some case, that may not be necessary. For example, where a gift is to children only, eState's wills already make that clear in the usual drafting.
This new option let's you choose to include "If at least on beneficiary..." only if necessary. To turn this option on, go to "Gift Options" and look for "Floating Shares Predicate" and select "When Necessary" instead of "Always Include".
Comments
0 comments
Please sign in to leave a comment.