When someone leaves behind money or property, they may desire for it to be divided equally among the individuals they select. This principle is known as “share and share alike.” It entails that each person receives an equal portion, and if someone passes away before receiving their share, it is distributed among the remaining individuals. For instance, if Aunt Teal designates her 2,000 shares of IBM stock to her four nephews “share and share alike,” and one of them passes away, the remaining three will divide the shares equally.
To distribute assets in equal portions or ratios, often referring to the equitable division of a benefit from an estate, trust, or gift, which includes the entitlement of the remaining beneficiaries to divide the portion of any beneficiary who passes away before receiving the gift. For instance, Sarah’s grandmother bequeathed her estate to her three children, stating “share and share alike.” This implies that each child will receive an equal portion of the estate, irrespective of their individual circumstances or needs. In this example, the phrase “share and share alike” signifies that the estate will be divided equally among the three children, ensuring that each child obtains an equitable share of the inheritance, regardless of their financial situation or relationship with their grandmother.
“Share and share alike” is a legal principle that refers to the equal distribution of assets or liabilities among multiple parties. It ensures that each party involved receives an equal share or burden.
In joint tenancy, “share and share alike” means that all co-owners have an equal ownership interest in the property. If one co-owner passes away, their share automatically transfers to the surviving co-owners.
Yes, “share and share alike” can be included in a will to ensure that the estate is distributed equally among the beneficiaries. This provision ensures that each beneficiary receives an equal share of the assets.
Yes, “share and share alike” can be applied to business partnerships. It means that profits and losses are distributed equally among the partners, regardless of their initial investment or contribution.
Yes, “share and share alike” can be modified or overridden in a legal agreement if all parties involved agree to the changes. It is essential to clearly outline any modifications in the agreement to avoid any misunderstandings.
Yes, “share and share alike” can apply to debts and liabilities. If multiple parties are jointly responsible for a debt, each party is equally liable for the full amount, regardless of their individual contributions.
Yes, “share and share alike” can be enforced in a divorce settlement to ensure an equal division of marital assets and debts between the spouses. This principle helps achieve a fair and equitable distribution.
No, “share and share alike” does not typically apply to intellectual property rights. Intellectual property rights are usually governed by specific licenses or agreements that outline the terms of use and distribution.
Yes, “share and share alike” can be applied to inheritance laws in some jurisdictions. It ensures that all heirs receive an equal share of the deceased’s estate, regardless of their relationship to the deceased.
Yes, “share and share alike” can be a legally binding principle if it is included in a legally enforceable agreement or if it is mandated by applicable laws or regulations. It is crucial to consult with a legal professional to understand the specific legal implications in your jurisdiction.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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