Please answer the following questions with complete sentences. Questions that ask for your analysis and opinion must state more than just a conclusion...you must also provide your reasoning and/ or facts and arguments that support your conclusion. Relevant laws and/ or legal principles should be identified and defined as part of your answer. You must also include the question number and question with your answers.
1. George had three adult children, Mark, June, and Sally, who all pre-deceased him. Mark had 1 child, Alice. June had three kids, Anna, Ben, and Troy. Sally, had 4 children, Alex, Marcy, Amy, and Mary. George is drafting his will and is trying to decide if he wants to leave his estate to his issue "per stirpes" or "per capita." Analyze what share each of the grandchildren would get under a per stirpes distribution and under a per capita distribution. Under which distribution would all the grandchildren receive equal shares?
2. List and briefly explain the requirements for a valid will, including requirements relating to the testator himself, and the legal requirements for execution of the will.
3. Jacob died unexpectedly in an auto accident. He is survived by two adult daughters, Amber and Sue. He left a valid Will which stated that his estate shall be split equally between his two daughters. His assets when he died were:
a. House owned in his sole name;
b. Life insurance policy with his daughters named as equal beneficiaries.
c. Lake house, worth $150,000, owned jointly, with rights of survivorship, with his daughter Amber.
d. Bank account in his sole name
e. Retirement benefits, worth $400,000, with his daughter Sue named as beneficiary.
Please answer the following questions regarding how Jacob's estate will pass and to whom:
(1) Which of Jacob's assets will be controlled by his Will and go through the probate process. Explain your answer.
(2) Which assets will not be subject to his Will and will not go through probate? How and to whom will the asset pass? Explain your answer.
(3) After all Jacob's assets are transferred, have Amber and Sue received equal shares of all his assets? Why or why not?
Please answer the following questions with complete sentences. Questions that ask for your analysis and opinion must state more than just a conclusion...you must also provide your reasoning and/ or facts and arguments that support your conclusion. Relevant laws and/ or legal principles should be identified and defined as part of your answer. You must also include the question number and question with your answers.
Please answer the following questions with complete sentences. Questions that ask for your analysis and opinion must state more than just a conclusion...you must also provide your reasoning and/ or facts and arguments that support your conclusion. Relevant laws and/ or legal principles should be identified and defined as part of your answer. You must also include the question number and question with your answers.
1. George had three adult children, Mark, June, and Sally, who all pre-deceased him. Mark had 1 child, Alice. June had three kids, Anna, Ben, and Troy. Sally, had 4 children, Alex, Marcy, Amy, and Mary. George is drafting his will and is trying to decide if he wants to leave his estate to his issue "per stirpes" or "per capita." Analyze what share each of the grandchildren would get under a per stirpes distribution and under a per capita distribution. Under which distribution would all the grandchildren receive equal shares?
2. List and briefly explain the requirements for a valid will, including requirements relating to the testator himself, and the legal requirements for execution of the will.
3. Jacob died unexpectedly in an auto accident. He is survived by two adult daughters, Amber and Sue. He left a valid Will which stated that his estate shall be split equally between his two daughters. His assets when he died were:
a. House owned in his sole name;
b. Life insurance policy with his daughters named as equal beneficiaries.
c. Lake house, worth $150,000, owned jointly, with rights of survivorship, with his daughter Amber.
d. Bank account in his sole name
e. Retirement benefits, worth $400,000, with his daughter Sue named as beneficiary.
Please answer the following questions regarding how Jacob's estate will pass and to whom:
(1) Which of Jacob's assets will be controlled by his Will and go through the probate process. Explain your answer.
(2) Which assets will not be subject to his Will and will not go through probate? How and to whom will the asset pass? Explain your answer.
(3) After all Jacob's assets are transferred, have Amber and Sue received equal shares of all his assets? Why or why not?