share and share alike (third-person singular simple present shares and shares alike, present participle sharing and sharing alike, simple past and past participle shared and shared alike)
Share and Share Alike
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Share-alike (?) is a copyright licensing term, originally used by the Creative Commons project, to describe works or licenses that require copies or adaptations of the work to be released under the same or similar license as the original.[1] Copyleft licenses are free content or free software licenses with a share-alike condition.
Copyleft or libre share-alike licenses are the largest subcategory of share-alike licenses. They include both free content licenses like Creative Commons Attribution-ShareAlike and free software licenses like the GNU General Public License. These licenses have been described pejoratively as viral licenses, because the inclusion of copyleft material in a larger work typically requires the entire work to be made copyleft. The term reciprocal license has also been used to describe copyleft, but has also been used for non-libre licenses (see, for example, the Microsoft Limited Reciprocal License).
Share and share alike is a legal term referring to the equal distribution of assets and other benefits from an estate. All named beneficiaries are entitled to an equal share. Furthermore, if someone dies before distribution of the estate can occur, that person's share is shared again, divided into equal parts between the remaining beneficiaries. This is a common method for distributing estates in situations where the descent wants to minimize conflict by making sure that everyone gets the same amount.
A will is the most common example of a document that may use a share and share alike clause. When preparing wills, testators can talk about the risks and benefits of various methods of distributing the estate with an attorney. This model of distribution can be a good option when an estate is easily divisible, or when shared assets like real estate are unlikely to create conflict. If children express a wish to co-own a house and share rights to it, for example, they could benefit from this type of will. In another situation, acrimony might make equitable sharing more difficult.
Trusts can also be split on a share and share alike basis. Each beneficiary receives regular payments from the trust in the same amount, with no party getting more or less than others. As beneficiaries die, their shares are returned to the pool, increasing the payout for other trust members. A will may establish a trust for financial or other reasons, in which case the testator may request that the trustee use this distribution system.
In a last will and testament, the legal term "share and share alike" refers to any part of an estate that has been bequeathed to two or more individuals. So, for example, Isaac owns 30,000 shares of XYZ, Inc. When he makes out his will, he specifies that the shares are to be divided among his heirs, Natalie, Alan and Ted. In a normal scenario, each of them would receive 10,000 shares.
Occasionally, one of the beneficiaries dies before the testator, or the person who made the will, or the will is probated and proceeds distributed. When a beneficiary fails to survive the testator, one of three things can happen. In one of these scenarios, shares left to the deceased are split among the survivors. So in the previous example, if Alan dies or disappears, his 10,000 shares of XYZ Inc. would be divided between Natalie and Ted.
Alternatively, Isaac may have designated a "contingent beneficiary." A contingent beneficiary is second in line; if the primary heir dies or is otherwise unable to receive the inheritance, it goes to the contingent beneficiary. Continuing the example, let us suppose Isaac named Natalie, Alan and Ted as his heirs, and adds Emma as a contingency beneficiary. In this case, Alan's 10,000 shares of XYZ Inc. would go to Emma.
As an example, let us suppose Alan in the above example has two children, Alan Junior and Alicia. Since Alan Senior has died or disappeared, his children would receive 5000 shares of XYZ Inc, each. In a scenario in which Alan Senior survives and Isaac decides on a per stirpes distribution of the estate, the three siblings and Alan's children would each receive 6,000 shares.
Another potential problem lies in the fact that each state, or jurisdiction, has a slightly different definition of per stirpes. Nonetheless, this is the best option for someone who wants to ensure that all of his or her assets are shared by all members of the family, including grandchildren and great-grandchildren. The testator and attorney must simply make sure that the word "descendants" or "issue" is used in legal documents instead of "children."
In conclusion, the key here is to understand that a share and share alike will with a per stirpes clause is the most effective way to minimize the chances of conflict among heirs, as everyone gets an equal share. Keep in mind however that such an arrangement works best when distributing liquid assets or stocks and bonds. When it comes to real estate or other types of tangible property (such as vehicles or jewelry), share and share alike can be cumbersome.
I'm glad all of you had such an easy time! I, on the other hand, am not! But if all goes well, the share and share alike clause in my dad's will is going to save me! My dad, died leaving a 31 year old will leaving everything to me and my half brother (his stepson, my mom's son from a previous marriage), my parents later divorced, and as you might imagine, my dad no longer had any relationship with his stepson for 25 years, but failed to update his will! To make things worse, my brother predeceased my dad, leaving two children my dad never met and who are trying to claim half of my dad's $2.4 million dollar estate through anti lapse statutes! One is now 19 and the other 7 (meaning the babies' momma will get the 7 year old's share). My dad has never met the kids, nor would he have wanted them to have half his estate versus his one and only blood related son! It has yet to be ruled on in court, but the share and share alike clause is the only possibility that people whom my dad didn't know won't get half the estate he spent his life making! So ask your estate planners all about what happens if your heirs predecease you because anti lapse laws are crap! golf07 yesterday I was appointed the executor of my parents estate when the second one passed away. We all knew they intended their estate to be distributed in a share and share alike way.The problem was there was some hurt feelings with my siblings when they found out I was the one who was the executor of the estate. If there was ever any kind of strained relationship before this happened, this just magnified that tension.Even though I was executor, I hired an attorney to make sure everything was distributed equally to all of us. The last thing I wanted was for any of my siblings to think that I was leaving them out of anything that was coming to them. sunshined yesterday @LisaLou - You are right when you say that the share and share alike term isn't always as easy as it sounds like it should be. When my grandpa remarried later in life after his first wife died, they kept their assets separate. He wanted to make sure all of his assets went equally to his 6 kids when he passed away.He owned a lot of farm ground and when he died, each child received their share of this land. One of the brothers was already farming the land, and it became kind of a hassle for everyone involved.Some of the kids wanted to keep their share of the land, and others wanted to sell it. This could have easily split up the family if they didn't choose to get along. Even though you may have every intention of your estate being distributed in a share and share alike fashion, it may not always be done very easily. LisaLou July 5, 2012 I think many parents want a share and share alike clause in their will or trust, but it seems like it doesn't always happen that easily. I know many situations where a family ended up being divided because of hurt feelings.I know many items have sentimental value to a lot of people, but when they are the cause of damaged relationships, I always wonder if it is worth it. I imagine that attorneys who handle will and trust documents have some very interesting stories to tell of what happens to families when it comes time to distribute the assets. John57 July 5, 2012 When both of my parents passed away, settling their estate was pretty easy. I have two siblings, and we all knew how their will was written ahead of time.They wanted their estate to equally be split among the three of us. Even though they probably didn't specifically know the share and share alike legal definition, it was easy for them to determine how they wanted their will set up. This ended up being an easy estate to settle, and it was just a matter of time before everything was finalized. We are thankful there was never any problem between our parents and each other. I know this isn't always the case in many situations. Post your comments Please enter the following code: Login: Forgot password? Register: window.stockSnippets = window.stockSnippets ; window.stockSnippets['ss_rhs'] = ` `; By: pressmaster Share and share alike is a legal term referring to the equal distribution of assets and other benefits from an estate. By: JackF It may be beneficial for testators to discuss the terms of their wills with prospective survivors before death. Categories
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As Share and Oopsy wheel the large rootbear root in a wheel barrel down to the Sweetheart Shop, they pass by their friends. Funshine is playing belly ball when Share invites him to the candy shop later for rootbear floats. Grumpy is trying to repair Wingnut, and says he can come by after he's finished with his work. Cheer and Harmony exit the library, and Share invites the both of them. Share explains that she'll have just enough to share with everyone she's invited. As Share and Oopsy leave, Love-a-Lot approaches Cheer and Harmony to ask what Share and Oopsy are doing with that big root. Cheer explains that they were invited to enjoy rootbear floats, but Love-a-Lot becomes disappointed that she wasn't invited. Harmony and Cheer decided inviting one more shouldn't make that much of a difference, and invite Love-a-Lot. 2ff7e9595c
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