1. Are all of the items listed below reasons why having a will is important? (True or False)
The state directs how the decedent’s property is transferred
A spouse’s share of the decedent’s estate may be equal to a child’s
Children may be treated equally although not equitably
May require the appointment of an administrator who will usually have to furnish a surety bond, thereby raising the costs of administration
The administrator of the estate is determined by the court
2. Paul owns the following property:
Boat (fee simple)
Condominium on the beach (tenancy in common with his brother and sister)
House and two cars with his wife, Karen (tenancy by the entirety)
Checking account with his son, William (POD)
Karate business (JTWROS with his partner, Mike)
3. Which items will go through probate? Which property ownership could he sell without the consent of a co-owner?
4. Two brothers have consulted you about the purchase of a lakefront cottage. The brothers plan to use the cottage on a seasonal basis. They are unsure of how they should title the property. Which of the following items of information do you need to obtain before making a recommendation?
The purchase price of the cottage
How much each brother plans to contribute toward the purchase of the cottage
Whether the brothers want their interest in the cottage to pass under their wills when they die
1 and 2
3 only
1, 2, and 3
2 and 3