Insurance Contract Provisions and Clauses Chapter 42 Insurance

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Insurance Contract Provisions and Clauses Chapter 42

Insurance Contract Provisions and Clauses Chapter 42

Insurance Contract Provisions and Clauses (Continued) Chapter 42

Insurance Contract Provisions and Clauses (Continued) Chapter 42

Per Stirpes Distribution Under this method of distribution, an heir takes the share that

Per Stirpes Distribution Under this method of distribution, an heir takes the share that his or her deceased parent would have been entitled to inherit, had the parent lived. This may mean that a class of distributees--the grandchildren in this example--will not inherit in equal portions. Note that Becky and Holly only receive one-fourth of Michael’s estate while Paul inherits one-half. Becky (1/4) Holly (1/4) Scott Michael (deceased) Jonathan Chapter 42 (deceased) Paul (1/2)

Per Capita Distribution Under this method of distribution, all heirs in a certain class--in

Per Capita Distribution Under this method of distribution, all heirs in a certain class--in this case, the grandchildren-inherit equally. Note that Becky and Holly in this situation each inherit one-third, as does Paul. Becky (1/3) Holly (1/3) Scott Michael (deceased) Jonathan Chapter 42 (deceased) Paul (1/3)

Trust Agreement In a trust, there is a separation of interests in the trust

Trust Agreement In a trust, there is a separation of interests in the trust property. The trustee takes legal title, which is the complete ownership and possession but which does not include the right to receive any benefits from the property. The beneficiary takes equitable title , which is the right to receive benefits from the property. Legal Title Settlor (James) Creates Trust Chapter 42 Trust Property (farm) Trustee (First Bank of Minnesota) Benefit Equitable Title Beneficiaries (daughters)

Insurance Chapter 42

Insurance Chapter 42

Insurance and Wills Chapter 42

Insurance and Wills Chapter 42

Wills (Continued) Chapter 42

Wills (Continued) Chapter 42

Trusts Chapter 42

Trusts Chapter 42