Which is more common per stirpes or per capita?

Per stirpes tends to be used more frequently than per capita because it tends to follow a more traditional approach, but every scenario is different. There are valid reasons why you may wish to have specifically named members in your Will receive your assets.

What does per capita mean for beneficiary?

Per Capita Beneficiary Designation Per capita is a Latin phrase that translates literally to “by head.” In a per capita distribution, each designated beneficiary receives an inheritance only if they are living when the inheritance vests. Usually, that means surviving the testator of the Will or grantor of the Trust.

What does per stirpes mean for beneficiaries?

Per stirpes is a Latin term you can include in your last will and testament to explain who will inherit your assets if one of your beneficiaries passes away before you do. With a per stirpes distribution, if one of your beneficiaries dies before you, their share of your estate will pass to their descendants.

What does per capita mean in legal terms?

by head
Latin for “by head,” meaning to be determined by the number of people. Per capita is often used in the context of government demographic data. For example, Gross Domestic Product (GDP) per capita refers to a country’s GDP divided by the country’s population.

What is an example of per stirpes?

Per stirpes means that assets are divided equally by each branch of the family when there were surviving descendants in that branch. For example, let’s say Ann has three children: Adam, Barbara, and Chris. Ann decides to leave her estate “to her descendants, per stirpes.”

Does per stirpes go to siblings?

You can’t use per stirpes with any other class of beneficiaries—not children, nor brothers and sisters—only descendants.

What is an example of per capita?

Example of Per Capita In 2019, the US population was 328 million, whilst its economic output was valued at $21.43 trillion. To calculate GDP per capita, we get the total GDP and divide by the total population. In this case it is: So in 2019, the GDP per capita of the US was $65,335.

What does Stirpes mean in law?

by branch
The term “per stirpes” is a Latin term that means “by representation” or “by branch,” and it has specific meaning in estate planning. If I were to say, I give my asset to my descendants, per stirpes, I would essentially be saying that each branch of my descendants get an equal share.

Which states use per stirpes?

This method is also utilized in the states of Alaska, Arizona, California, Colorado, Hawaii, Maine, Michigan, New Jersey, New Mexico, Ohio, Oklahoma, Pennsylvania, Utah, and West Virginia.

Does per stirpes include daughter in law?

An estate attorney would be able to craft you a paragraph to suit your personal needs. Second, if your beneficiary designation does not allow a prose description, you can include your child-in-law as a contingent beneficiary with his or her own share and set both your child and your child-in-law as per stirpes.

How do you calculate the per capita?

To calculate per capita, one would take the statistical number and divide it by the population being analyzed. For national economic indicators, such as gross domestic product (GDP) or gross national product (GNP), the total figure is certainly of interest.