Uniform simultaneous death act,
Definition of Uniform simultaneous death act:
The term Uniform Simultaneous Death Act refers to a law used in some states to determine inheritance in cases where two or more people die around the same time. According to the act, the assets of two or more people who have no will and die within a 120-hour period can be passed down to their relatives rather than from one estate to another. This act is used to avoid double administrative costs.
A law that details how insurers will proceed should their insured and the insureds beneficiary both die in the same accident, in such a manner that it is impossible to determine which one died first. In such a situation, the insured will be presumed to have died first, and the insureds contingent beneficiary will receive any benefits the insured had left to the beneficiary.
The Uniform Simultaneous Death Act was first enacted in 1940 and has been revised in subsequent years. Most states adopted the law in the U.S., while only 19 states enacted the amended version, which was updated to include certain provisions in 1993. One of these amendments allowed the law to be applied to individuals who are missing for at least five years, in the event that a body can't be located and the person is presumed dead.
How to use Uniform simultaneous death act in a sentence?
- Without the law, two probates would be needed to process the transfer of estates before the assets are distributed.
- The Uniform Simultaneous Death Act is a law used in some states to determine inheritance in cases where two or more people die around the same time.
- The act eliminates any double administrative costs.
- The assets of two or more people who die within a 120-hour period without a will can be passed down to their relatives rather than from one estate to another.
Meaning of Uniform simultaneous death act & Uniform simultaneous death act Definition