I am a an income beneficiary of a life insurance trust and have no children. When I pass the assets get split between "all living issue per stirpes. My interpretation is that the principal would get split equally among 17 people, some my siblings and their children and grand children, is that correct
2 Answers from Attorneys
Why worry about what happens when you die? You have the right to use the income during your life. Unless it's circumscribed by certain conditions - Live it up!
THIS RESPONSE IS NOT LEGAL ADVICE, SINCE I DO NOT HAVE ALL OF THE INFORMATION THAT WOULD BE REQUIRED, AND I DO NOT HAVE A REPRESENTATION AGREEMENT WITH YOU.
* If the answers to your question confirm that you have a valid issue or worthwhile claim, your next step should almost always be to establish a dialog with a lawyer who can provide specific advice to you. Contact a lawyer in your county or township.
* Another reason for contacting a lawyer is that it is often impossible to give a good answer in the Internet Q&A format without having more information. The unique circumstances of your situation and things that you may not have thought to mention in your question may completely change the answer. If you want to be sure that you have a complete answer to your question and an understanding of what that answer means, establish a connection with a lawyer who practices in the area of your concern.
To properly answer your question, I would need to look at the language of the trust. For instance, are the remainderman the issue of the Grantor, or your issue? If the latter, are there other contingent beneficiaries? Also, does the trust give you a power of appointment under the terms of the trust agreement? [so that you could select the trust remaindermen upon your death].
Again, without carefully reviewing the terms of the trust, it's difficult to provide an answer.