16:33
jack moving up in the world :)
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LSDefine
Simple English definitions for legal terms
share and share alike
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A quick definition of share and share alike:
Share and share alike: When someone leaves something behind, like money or property, they might want it to be divided equally among the people they choose. This is called "share and share alike." It means that everyone gets the same amount, and if someone dies before they can receive their share, it goes to the others. For example, if Aunt Teal leaves her 2,000 shares of IBM stock to her four nephews "share and share alike," and one of them dies, the other three will split the shares equally.
A more thorough explanation:
Definition: To divide assets in equal shares or proportions, often referring to the equal division of a benefit from an estate, trust, or gift, which includes the right of the survivors to divide the portion of any beneficiary who dies before receiving the gift.
Example: Sarah's grandmother left her estate to her three children, "share and share alike." This means that each child will receive an equal share of the estate, regardless of their individual circumstances or needs.
Explanation: In this example, the phrase "share and share alike" means that the estate will be divided equally among the three children. This ensures that each child receives an equal portion of the inheritance, regardless of their financial situation or relationship with their grandmother.