Part 5- Property, Chapter 26: Estates and Trusts, Doc 2 | Indiana University Bloomington - Edubirdie

University:
Indiana University Bloomington
Course:
Financial and Managerial Accounting: Information for Decisions - John J. Wild
Academic year:

2024
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490

Pages:

2
Author:

bratrochanter

Here’s a summary of important aspects of George’s estate planning options and considerations: 1. Intestacy (Dying Without a Will): If George dies without a will, his estate will be distributed according to state intestacy laws. Typically, only blood relatives inherit, meaning his estranged brother would be his legal heir. Without a will, George’s close relationship with his stepdaughters and contributions to charities would not be considered in asset distribution. 2. Requirements for a Valid Will: o A will must be in writing and signed by the testator (George) or by someone else at his direction if he is unable. o It must be witnessed by disinterested parties (who don’t inherit under the will) and signed in the presence of the testator and witnesses. o George must have testamentary capacity, meaning he understands the extent of his assets, the act of creating a will, and the natural beneficiaries. o Testamentary intent must be clear, with George intending the document to be his final word on his property’s disposition. 3. Ways to Revoke a Will: o George can revoke a will by destroying it, creating a new will that explicitly revokes the prior one, or by making significant life changes, such as marriage or divorce, which can void provisions of a will in many states. o He can also execute a codicil (amendment) to make specific changes without drafting an entirely new will, as long as the codicil follows the same legal formalities as a will. 4. Trusts to Benefit Stepdaughters: o If George creates a trust, he must designate the trust property, specify the stepdaughters as beneficiaries, and name a trustee to manage the trust. o The trustee has both legal and ethical responsibilities, including managing assets prudently, avoiding conflicts of interest, acting loyally for the beneficiaries, and fulfilling George’s intentions transparently and consistently. 5. Living Wills and Durable Powers of Attorney (Advance Directives): o A living will allows George to outline his medical care preferences if he becomes incapacitated, specifying life-sustaining measures like resuscitation or artificial hydration. It legally guides healthcare providers and family members. o A durable power of attorney designates a person to make financial, medical, or legal decisions for George if he becomes incapacitated. Unlike a regular power of attorney, it remains effective even if George loses mental capacity. By creating a will, trust, and advance directives, George can ensure that his wishes are honored, his stepdaughters are cared for, and his assets are distributed according to his personal values and relationships rather than default state laws.

Related Documents

Part 5- Property, Chapter 26: Estates and Trusts, Doc 2

Part 5- Property, Chapter 26: Estates and Trusts, Doc 2 - Page 1

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