What does hotchpot mean in a will?
Related Content. Literally, a “mixture of property”. Broadly, hotchpot clauses and rules apply to trusts and wills, to ensure fairness to the beneficiaries by taking into consideration amounts already received when calculating the final amount due to the beneficiaries under the terms of the trust or will.
What is the hotchpot rule?
Hotchpot or the putting in hotchpot, is applied in modern law to throwing the amount of an advancement made to a particular child, in real or personal estate, into the common stock, for the purpose of a more equal division, or of equalizing the shares of all the children.”
What does the term hotchpot mean?
In civil and property law, hotchpot (sometimes referred to as hotchpotch or the hotchpotch rule) is the blending, combining or offsetting of property (typically gifts) to ensure equality of a later division of property.
What is hotchpot in a trust?
The hotchpot clause means that the parent doesn’t need to involve the other members of the family at the time the loan or gift is made. A parent might want to help a child without other children knowing at the time.
What’s the difference between hodgepodge and hotchpotch?
As nouns the difference between hotchpotch and hodgepodge is that hotchpotch is (dated|or|obsolete) a hodgepodge; a collection containing a variety of miscellaneous things while hodgepodge is a collection of miscellaneous things; a jumble.
What is attestation clause in a will?
Definition. A clause at the end of a document, in particular a will, which sets forth the legal requirements the document must satisfy, states that those requirements have been met, and is signed by one or more witnesses. An attestation clause strengthens the presumption that the requirements have been met.
What does inter vivos?
Inter Vivos. Inter vivos is a Latin phrase which means “while alive” or “between the living.” This phrase is primarily used in property law and refers to various legal actions taken by a given person while still alive, such as giving gifts, creating trusts, or conveying property.
Is it hodge podge or hotch potch?
The word is “hotchpotch” and the American equivalent is “hodgepodge.”
Who is hodge podge?
Hodgepodge or hotchpotch describes a confused or disorderly mass or collection of things; a “mess” or a “jumble”. Hodge-podge may refer to: Hodge-Podge (comics), a character from the comic strip Bloom County.
What is the purpose of the attestation clause?
How do you fill out an attestation clause?
The usual attestation clause to a will, is in the following formula, to wit: “Signed, sealed, published and declared by the above named A B, as and for his last will and testament, in the presence of us, who have hereunto subscribed our names as the witnesses thereto, in the presence of the said testator, and of each …
Is a testamentary trust revocable or irrevocable?
Testamentary (will) trusts are established when an individual dies and the trust is detailed in their last will and testament. These trusts are irrevocable but may be subject to probate.
What is the purpose of a hotchpot clause?
A hotchpot clause is not asking for the gift to be repaid to the testator’s estate. It is merely recognising its existence so that the beneficiary’s share in the estate can be reduced and the end result is that all children have received the same benefit overall.
When to use a hotchpot in your will or trust?
When to Use a Hotchpot in Your Will or Trust Fortunately, there is a solution to this dilemma. A hotchpot is an estate planning tool that is created by adding a clause to your Trust or Will that takes into account gifts made to your children during your lifetime when dividing up your estate after your death.
What is the legal definition of a hotchpotch?
Hotchpot The process of combining and assimilating property belonging to different individuals so that the property can be equally divided; the taking into consideration of funds or property that have already been given to children when dividing up the property of a decedent so that the respective shares of the children can be equalized.
How is money added to a hotchpot estate?
These advancements are “brought into hotchpot,” added to the value of your estate before it is divided up, and then deducted from the recipient’s share. Here is a simple example. Let’s say you have an estate worth $240,000, and three children, Annie, Betty and Charlie.