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I need an equation to redistribute the contents of a Will when one of the benficiaries dies previous

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posted on May, 26 2012 @ 01:53 PM
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Based on $100, 000.00 for simplicities sake there are 7 beneficiaries:
40%= $40,000.00
35%= $35,000.00
6% = $ 6,000.00
6% = $ 6,000.00
5% = $ 5,000.00
5% = $ 5,000.00
3% = $ 3,000.00

Total $100,000.00

The eldest @ 5% dies before me, so her $5,000.00 is split amongst the remaining 6 people according to their specified % age.

How is this done so that the $5K in not simply divided by 6= $833.3333333 which is not the intention.

CS70




posted on May, 26 2012 @ 01:59 PM
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Take $2 and give it to donation.
End of problem.



posted on May, 26 2012 @ 02:03 PM
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reply to post by canadiansenior70
 


40% times 5,000 goes to number 1 = 2,000
35% times 5,000 goes to number 2 =1750
what's next 6%? times 5,000 goes to number 3 = 300
and so on...

You will end up with $250 or 5% of 5,000 left over, so maybe it would be easier to just adjust the percentages to take in the 5% share... so maybe 40% 35% 7% 7% 6% 5%
edit on 5/26/2012 by Dustytoad because: (no reason given)



posted on May, 26 2012 @ 02:09 PM
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Originally posted by Dustytoad
reply to post by canadiansenior70
 


40% times 5,000 goes to number 1 = 2,000
35% times 5,000 goes to number 2 =1750
what's next 6%? times 5,000 goes to number 3 = 300
and so on...
edit on 5/26/2012 by Dustytoad because: (no reason given)


It isn't that simple--using the same percentages there will always be that 5% left over. The percentages must change to 40+, 35+, 6+, 6+, 5+ and 3+ to equal 100% not 95%
Thanks anyway!
edit on 26-5-2012 by canadiansenior70 because: (no reason given)



posted on May, 26 2012 @ 02:11 PM
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Originally posted by NullVoid
Take $2 and give it to donation.
End of problem.


I don't dig that at all!!

Try again is welcome!



posted on May, 26 2012 @ 02:36 PM
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reply to post by canadiansenior70
 

Oh oh, have to warn you. We had to go through litigation to have a will clarified. The inheritance was divided amongst children and grandchildren. However when one of the children died, the law at the time stipulated that the share would then just go to that person's heirs, meaning that they would receive more that the rest of the grandkids, since they were already mentioned in the will to begin with. I forget the process, but it was all amicable and smooth, though it took up to 2 years. So be sure to check on that little detail of the law first.



posted on May, 26 2012 @ 02:49 PM
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Originally posted by canadiansenior70

Originally posted by Dustytoad
reply to post by canadiansenior70
 


40% times 5,000 goes to number 1 = 2,000
35% times 5,000 goes to number 2 =1750
what's next 6%? times 5,000 goes to number 3 = 300
and so on...
edit on 5/26/2012 by Dustytoad because: (no reason given)


It isn't that simple--using the same percentages there will always be that 5% left over. The percentages must change to 40+, 35+, 6+, 6+, 5+ and 3+ to equal 100% not 95%
Thanks anyway!
edit on 26-5-2012 by canadiansenior70 because: (no reason given)



Buddy.. You might want to be a little more patient with my posts in the future...
But for now why don't you go look at it again. Note the time of post too.
You will see that I already did that for you.
Have a nice day.



posted on May, 26 2012 @ 02:58 PM
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Originally posted by Dustytoad

Originally posted by canadiansenior70

Originally posted by Dustytoad
reply to post by canadiansenior70
 


40% times 5,000 goes to number 1 = 2,000
35% times 5,000 goes to number 2 =1750
what's next 6%? times 5,000 goes to number 3 = 300
and so on...
edit on 5/26/2012 by Dustytoad because: (no reason given)


It isn't that simple--using the same percentages there will always be that 5% left over. The percentages must change to 40+, 35+, 6+, 6+, 5+ and 3+ to equal 100% not 95%
Thanks anyway!
edit on 26-5-2012 by canadiansenior70 because: (no reason given)



Buddy.. You might want to be a little more patient with my posts in the future...
But for now why don't you go look at it again. Note the time of post too.
You will see that I already did that for you.
Have a nice day.


Yes i could have been more patient but you edited your post AFTER I responded. As well, the 40% receives no extra? according to you, while you give the 3% another 2%. The 3% is the lowest for a reason and receives no added benefits, outside of the others, upon the death of my eldest beneficiary.

Why not give the 35% the whole extra 5%? ---because she is not equal to the 40% in any way, shape or form!Thanks for the effort, and it's only By Law that I must include the 35% at all!

edit on 26-5-2012 by canadiansenior70 because: (no reason given)



posted on May, 26 2012 @ 03:04 PM
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Originally posted by aboutface
reply to post by canadiansenior70
 

Oh oh, have to warn you. We had to go through litigation to have a will clarified. The inheritance was divided amongst children and grandchildren. However when one of the children died, the law at the time stipulated that the share would then just go to that person's heirs, meaning that they would receive more that the rest of the grandkids, since they were already mentioned in the will to begin with. I forget the process, but it was all amicable and smooth, though it took up to 2 years. So be sure to check on that little detail of the law first.


Thank you. The 5% is a friend, not family, mentioned for our long years of friendship, and since I expect to have to add a Codicil, I will say that her share goes to her son!

That is, unless there is an actual equation , as I first requested.



posted on May, 26 2012 @ 03:31 PM
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Originally posted by canadiansenior70
Based on $100, 000.00 for simplicities sake there are 7 beneficiaries:
40%= $40,000.00
35%= $35,000.00
6% = $ 6,000.00
6% = $ 6,000.00
5% = $ 5,000.00
5% = $ 5,000.00
3% = $ 3,000.00

Total $100,000.00

The eldest @ 5% dies before me, so her $5,000.00 is split amongst the remaining 6 people according to their specified % age.

How is this done so that the $5K in not simply divided by 6= $833.3333333 which is not the intention.

CS70


Explanation: Uhmmm?


Maybe like this ...


The eldest @ 5% dies before me, so her $5,000.00 is split amongst the remaining 6 people according to their specified % age.


1% of $5,000.oo = $50.oo

Therefor ...

40% = $2000.oo

35% = $1750.oo

6% = $300.oo

6% = $300.oo

5% = $250.oo

5% = $250.oo is returned to THEIR estate since they are deceased and help to cover their executors legal fee's etc.

3% = $150.oo

Personal Disclosure: I am no legal expert and I am probably horribly wrong ... but I hope that helps



posted on May, 26 2012 @ 03:33 PM
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I guess the point is that the initial values you gave (40% 35% etc) will all add upto 95% as the quantity to be redistributed accounted for 5% of the total.

In effect you are now dividing up two seperate sums of money. 95k and 5k.

If we start with the 95k we can then work out how much of the 5k everyone gets.
The actual amount that everyone recives dosent change in the first instance. The 40% individual still receives 40k, the 35% person still gets 35k and so on. However the relative percentage they receive is now different.

Work out what percentage 40k of 95k is. (40000/95000 =0.4210526315789474 which is 42.10526315789474%)
Do this for all the other amounts (30k, 6k, 6k, 5k, 3k).
With these new revised percentages (which should now add up to 100%) we can then divide up the 5k value that was to be redistributed.


edit on 26-5-2012 by Beegs because: i did some additional maths...

edit on 26-5-2012 by Beegs because: and then i went on to clarify things a bit clearer...



posted on May, 26 2012 @ 03:58 PM
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Originally posted by canadiansenior70

Originally posted by NullVoid
Take $2 and give it to donation.
End of problem.


I don't dig that at all!!

Try again is welcome!





How is this done so that the $5K in not simply divided by 6= $833.3333333 which is not the intention.


5000 / 6 = $833.3333333
Take $2 - fare in the river Styx ?. Sorry if that harsh, just kidding
4998 / 6 = $833.00

Or am I missing something here ? No interest calculation to make things easier.



posted on May, 26 2012 @ 05:35 PM
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reply to post by Beegs
 


Well Beegs,

Thank you! You are the winner and your prize is $.03

With me widdle calculator and 2 decimal points, these are the results:


42, 105.27
36, 842.10
6, 315.78
6, 315.78
5, 263.15
3,157 ,89
99,999 .97

I see that ATS is not really set up for calculations being lined up, but your solution is what I wanted, i.e. you can see that the 40 % now recives more using your anwser than does the 3%. I wanted it that way and was stuck. They weren't equals in the first place!

Now I can let my Executor know how it is done, as we were both in the dark!

Thanks ever so much!



posted on May, 26 2012 @ 05:44 PM
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reply to post by canadiansenior70
 

Glad to help.



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