FIN4411 GHA Week  9 (5,6,7 in Estate)

Name: __________________________________________________________________

 

1. Please describe the advantages and disadvantages of the Probate Process.

Jack and Jill are married and have two children, Dick and Jane. Jack and Jill live in New Mexico. At the time of Jacks death, Jack and Jill had the following assets:

• Joint bank account $10,000
• Stock account owned by Jack and Jill titled jointly as tenants in common $1,000,000
• Jacks IRA naming Jill as the beneficiary $750,000
• Primary residence owned jointly by Jack and Jill with right of survivorship $300,000
• Mutual fund account owned by Jacks revocable trust $450,000

 

2. What is the value of Jacks probate estate?

 

3. For each of the remaining assets, state how they will be passed & to whom:

Bank account     _________________________

 

Jacks IRA             _________________________

 

Residence           _________________________

 

Mutual fund acct_________________________

 

4. Please describe the difference between the terms Per Capita and Per Stirpes.

 

5. What are the legal requirements for creating a will?

 

6. Describe 5 grounds for which a will may be contested.

 

7. What is a power of attorney? Describe circumstances in which a power of attorney may be particularly important.

 

8. When is a power of attorney considered to be durable?

 

9. What is a living will? How is it used?

 

10. What is a guardianship? How does a guardian differ from a trustee?

 

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