Alternative Provisions to Describe Beneficial Interests,
Alternative Provisions to Describe Beneficial Interests
The beneficial interest is given by one person to another upon their death. In this agreement it is stated that the entire interest in the name of the person, on his death, is conveyed to the beneficiary. This is provided that he has not sold, disposed, assigned or even transferred the beneficial interest.
In this agreement it also states that should the beneficiary predecease the person who has the beneficial interest, then after his or her death, the beneficial interest is to be transferred to the children in undivided equal shares or in joint tenancy. This is provided that the interest has not been transferred, disposed, assigned or sold prior to the demise.
When there is beneficial interest in joint tenancy, it is stated as per the agreement that the spouses are joint tenants and not tenants in common and they have the right of survivorship. When the survivor dies, the property which is not conveyed previously is disposed to the children. This is if the interest has not been assigned, sold, disposed or transferred previously.
If there are two or more people who hold the interest, the names of each are mentioned in the ratio that the undivided interest is to be allocated.
Incase the beneficial interest is held by a partnership then the individuals each have a portion of the undivided interest or else it can be to the company as a part partnership. The same undivided interest can also be beneficial to a corporation as well.
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