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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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Alternative provisions to describe beneficial interests.
A. Beneficial interest in one person, on his or her death, to another:
“The entire interest in _________[husband’s name], and on his death provided that he has not previously sold, assigned, transferred, or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to: _________[wife’s name], his wife.”
To which may be added:
“… and if _________[wife’s name], predeceases _________[husband’s name], or after _________[husband’s name] death, if _________[wife’s name] has not previously sold, assigned, transferred or otherwise disposed of her interest and provided further that the Trust property has not previously been conveyed then to _________[children’s names], their children [in joint tenancy or in undivided equal shares].”
B. Beneficial interest in Joint Tenancy:
“_________[Husband’s name] and _________[wife’s name], his wife as Joint Tenants, not as Tenants in Common, with the right of survivorship.”
or
“_________[Husband’s name] and _________[wife’s name], his wife as Joint Tenants, not as Tenants in Common, with the right of survivorship and on the death of the survivor provided the property has not previously been conveyed and provided that the beneficial interest has not been sold, assigned, transferred or otherwise disposed of then to: _________[children’s names], their children.”
C. If interest is held in two or more people, the provision should read as follows:
“An undivided one-third interest in _________[name of third person]
“An undivided one-third interest in _________[husband’s name]
“An undivided one-third interest in _________[name of other third person]”
or
“An undivided one-third interest in _________[name of third person husband], and on his death provided that he has not previously sold, assigned, transferred or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to _________[name of third person’s wife], his wife;
“An undivided one-third interest in _________[husband’s name], and on his death provided that he has not previously sold, assigned, transferred, or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to: _________[wife’s name], his wife;
“An undivided one-third interest in _________[name of other third person husband], and on his death provided that he has not previously sold, assigned, transferred or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to: _________[name of other third person’s wife], his wife.”
D. If beneficial interest is to be held by a PARTNERSHIP, the provision in C may be used, or:
“_________[Names of individuals], d/b/a _________ Company, a partnership.”
E. Beneficial interest in a CORPORATION:
“The entire interest in the _________ Corporation.”
F. Beneficial interest in JOINT TENANCY with instructions as to disposition after death of surviving joint tenant:
“_________[Husband’s name] and _________[wife’s name], his wife, as Joint Tenants with the right of survivorship, and on the death of the survivor provided the property has not been sold, assigned, transferred or otherwise disposed of, then as follows: An undivided one-half interest in equal shares to _________[names], the children by a former marriage of _________[wife’s name]; and an undivided one-half interest in equal shares to _________[names], the children by a former marriage of _________[husband’s name].”
G. Conditional disposition of beneficial interest on death of beneficiary:
“An undivided 60 percent interest in _________[husband’s name], and on his death provided that he has not previously sold, assigned, transferred, or otherwise disposed of his beneficial interest and provided further that the Trust property has not been conveyed previously then to: _________[wife’s name], his wife as to an undivided _________ of his interest (or _________ percent of the total beneficial interest) but if she shall predecease _________[husband’s name], then the _________ percent of the beneficial interest shall go to _________[sons’ names], the sons of _________[husband’s name], in equal shares and is to be added to each of the shares as set out; the remaining _________(or _________ percent of the entire beneficial interest) shall go to _________[sons’ names], the sons of _________[husband’s name] in equal shares and shall be added to the interest they have and is to be disposed of as set out;
“An undivided _________ interest in _________[husband’s son], the son of _________[husband’s name] and on the death of _________[husband’s son], provided that he has not previously sold, assigned, transferred or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to: _________[name of son’s wife], the wife of _________[son’s name];
“An undivided _________ percent interest in _________[husband’s other son], the son of _________[husband’s name] and on the death of _________[husband’s other son], provided that he has not previously, sold, assigned, transferred, or otherwise disposed of his beneficial interest and provided further that the Trust property has not previously been conveyed then to: _________[wife of husband’s other son], the wife of _________[husband’s other son].”
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