While we always strive to ensure your beneficiary designations are current with your wishes, adding a “Per Stirpes” or “Per Capita” distribution option to your existing designated beneficiaries can help ensure your wishes can be carried out effectively and efficiently.
Per Stirpes Distributions: Each living beneficiary in a class of beneficiaries will receive an equal share. If a beneficiary is deceased and survived by any descendants, that beneficiary’s descendants would get what their deceased parent would have received.
Per Capita Distributions: All the living members of the identified group will receive an equal share if the beneficiaries are to share in a distribution per capita. A share won’t be created for the deceased member and all of the shares of the other members will be increased accordingly if a member of the identified group is deceased.
Each distribution option can play an important role in deciding who gets what in the event one or more beneficiaries predecease the owner of the account. Beneficiaries and distribution options can be changed at any time by the account owner, and are generally updated upon one’s passing, but listing a "Per Stirpes" or "Per Capita" distribution option can help ensure even greater control and protection for the account owner