The meaning of this Latin phrase is “in the event that the designated heir dies without offspring.” It pertains to a scenario where an individual has been selected to inherit something, but if they pass away without having any children, another person will assume the inheritance instead. This is known as a substitution, which occurs when one entity or individual replaces another. Substitutions can occur for various reasons, such as the original person being unable to fulfil their responsibilities or their demise. In certain instances, an individual can even designate who will assume their position after their death.
In the event that the designated heir passes away without any children or descendants, this term is used in legal contexts, particularly in Roman and Louisiana law. It refers to a situation where an heir who has been chosen to inherit property or assets from a deceased person dies without any offspring. In such cases, the property or assets may be transferred to a substitute heir, as specified by the original testator. For example, if a wealthy individual creates a will appointing their nephew as the heir to their estate, but the nephew dies before the individual without any children, the substitute heir named in the will would inherit the estate instead. Other related terms include Substitution, amendment by substituting, common substitution, pupillary substitution, fideicommissary substitution, and prohibited substitution.
“Si Institutus Sine Liberis Decesserit” is a Latin phrase that translates to “If the institute dies without heirs.”
In legal terms, “Si Institutus Sine Liberis Decesserit” refers to a situation where an institution or organisation ceases to exist without any designated heirs or beneficiaries.
If an institution dies without heirs, its assets typically go through a legal process called escheat, where they are transferred to the state or government.
Yes, an institution can prevent its assets from escheating to the state by designating specific beneficiaries or heirs in its governing documents or by creating a trust to hold its assets.
An institution can ensure proper distribution of its assets by creating a will, establishing a trust, or designating specific beneficiaries in its governing documents.
Yes, an institution can change its designated heirs or beneficiaries by amending its governing documents or creating a new will or trust.
If an institution fails to designate heirs or beneficiaries before its dissolution, its assets may be subject to escheat and transferred to the state.
In certain cases, an institution may be held liable for not properly designating heirs or beneficiaries if it can be proven that it acted negligently or breached its fiduciary duty.
Yes, there may be tax implications when an institution designates heirs or beneficiaries, such as estate taxes or gift taxes, depending on the jurisdiction and the value of the assets involved.
Yes, an institution can seek legal assistance from an attorney specializing in estate planning or trust law to ensure proper distribution of its assets upon dissolution and to navigate any legal complexities involved.
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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