Share and share alike could refer to the division of assets in equal proportions. This could mean equal division of a benefit from an estate, trust, or gift. Equal division includes the right of the survivors to divide any beneficiary’s portion, when such beneficiary dies before receiving the gift.
Share and share alike could also mean to engage in per capita division. Under a per capita division, division is done equally among all individuals in the same class. For example, if the testator states that his three living children and the three issues of his deceased son should share equally in the estate, then the estate would be divided into six equal parts and all the six would be entitled to an equal portion of the total estate.