BUSI/FIN 4331 Project #2 – Fall 2018
BUSI/FIN 4331 Project #2 – Fall 2018
Wills Willa Jane does not have a will. Henry has an outdated will leaving most of his probate assets to Willa Jane. Clauses from Henry’s Statutory Last Will and Testament I, Henry, being of sound mind and wishing to make proper disposition of my property in the event of my death, do declare this to be my Last Will and Testament. I revoke all of my prior wills and codicils. 1. I have been married but once, and only to Willa Jane with whom I am presently living. Out of my marriage to Willa Jane, three children were born, namely Olivia, Truman and Tara. I have adopted no one nor has anyone adopted me. 2. I leave my Vintage Mustang and House Boat to my son, Truman. 3. I leave the life insurance proceeds on my life to my daughter, Olivia. 4. I leave Vacation Home 1 to my daughter, Tara. 5. I leave Auto 1 to the Methodist Church, a qualified charity. 6. I give the residual of my estate to Willa Jane, my wife. 7. In the event that Willa Jane predeceases me or fails to survive me for more than six (6) months from the date of my death, I leave any interest of my estate determined to be payable to her to my children, Olivia, Truman and Tara, in equal and 1/3 shares. 8. In the event that any of the named legatees should predecease me, die within six months from the date of my death, disclaim, or otherwise fail to accept any property bequeathed to him or her, then such interest will pass to the said legatee’s descendents, otherwise his or her share of all of my property of which I die possessed shall be paid equally among the surviving named legatees. 9. I name my best friend Keith to serve as the executor of my succession with full seizin and without bond.
10. What is the value of Mark’s gross estate assuming the date of death valuation is selected? 11. What is the value of Mark’s gross estate assuming the alternate valuation date is selected? 12. Determine whether each of the following items is included in Mark’s probate estate? Explain. Annuity Note Receivable Gift Tax Paid in 2014 Gift Tax Paid in 2016 Investment Account 13. What is the value of Mark’s probate estate?
