When it comes time to create a plan for an estate, there can be a lot of consideration. Trying to decide which party receives what on the basis of nostalgia, equality, or favoritism can be a stressful ordeal. Some authors, however, will opt for a simpler, more elegant solution: a pari-passu will.
Pari-passu originates from a Latin phrase meaning “equal footing.” When used in the context of an estate or will, it means that the entire estate will be divided up evenly between all beneficiaries. This can be a worthwhile effort in order to try and prevent one party from objecting to the will on the grounds that they have not been fairly compensated.
Pari-passu wills ensure that each named member of the will receives a financially equal amount of the assets. This can streamline the division of the deceased’s assets by placing a hard limit on the value of assets each member may take.
A pari-passu will is not perfect, however. If there is a singular piece of property or home, that home may need to be liquidated in order to be fairly divided among the beneficiaries.
If you are looking to establish or object to a pari-passu will, you will need the help of an experienced trusts & estates attorney. A trusts & estates attorney can help you navigate the complexities of estate law in your area while helping you create an estate plan that meets your specific needs. The best place to find a trusts & estates attorney is Attorney at Law.
At AAL, our nationwide network of attorneys and law firms can match you with a trusts & estates attorney in your area. Our partners have the resources, legal expertise, and experience to fine-tune an estate plan to your specific needs.
In addition to having extensive resources and expertise, our partners excel in client care. Our partners are straightforward and efficient and will be able to answer your questions and ensure your experience is an excellent one.
Don’t wait. Contact AAL today for a free, no-obligation consultation and secure your future.