Thrivent Social Media Privacy Policy, Guidelines, Disclosures & DisclaimersPer Stirpes: What does this mean?
I was talking with a friend who was helping her father do his tax return. She happened to come across a statement from his investment company and notice the beneficiary designations. They went like this:
Bill 25% per stirpes
Allen 25% per stirpes
Mary 25%
Jane 25%
What would this mean if their father passed away? Per stirpes is a Latin phrase meaning “by branch”. It designates who will inherit assets if a beneficiary dies before the account owner dies.
If Allen predeceased their father, his 25% would pass to his children, per stirpes. But if Mary predeceased their father, her 25% would pass to the survivors Bill, Allen, and Jane. Mary’s share would not pass to her children.
My friend talked with her father to ask why it was designated this way. He didn’t know and said it was incorrect. Her dad updated the beneficiaries.
This is just a reminder to do an annual review of your beneficiary designations. And if your parents will allow it, review theirs as well to make sure they align with their goals.
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Savvy Social Security Workshop | Register today: http://bit.ly/3iTmc1r
Join us for a free online webinar “Savvy Social Security” on May 16 or May 18. Learn how to help determine the ideal time to apply and ways to maximize your Social Security benefits while minimizing taxes on those benefits.
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