Solution and Answer Guide Walter, Wills, Trusts, and Estate Administration 2026 (Complete And Verified Study material) (104pages) LEARNEXAMS

Table of Contents Assignments ..............................................................................................................................................1 Review Questions......................................................................................................................................1 Case Problems ................................................................................................................... 5 Problem 1..................................................................................................................................................5 Problem 2..................................................................................................................................................5 Practical Assignments................................................................................................................................ 6 Assignments 1.1 Answer will vary depending on jurisdiction. 1.2 This assignment has several possible responses. Much will depend on the individual student and the scenarios chosen. Some possible plans for Jacob Weizman‘s will to transfer the three farms and the $100,000 to his five daughters in equal shares are the following:  He can establish a trust to hold and manage the three farms with the $100,000 being used as startup or operating capital. The five daughters can be named as equal beneficiaries.  He can transfer each of the farms to the five daughters equally as joint tenants with rights of survivorship. The $100,000 can be split equally among the five daughters.  He can transfer title to the farms to the executor of his estate with the direction that the properties are to be sold and the proceeds, along with the $100,000, divided equally among the five daughters.  He can discuss the situation with his daughters to determine if any of them want the farms and, if so, devise each farm in equal shares to two daughters (approximate value $100,000 each) as appropriate, sell the farms that the daughters do not want and distribute the proceeds, approximating the $100,000 value of the real estate, among the remaining daughters, with any overage, shared by all five. Review Questions 1. Explain the reasons why many Americans die without wills. Solution:  Some do not want to discuss or face their mortality.  Some are reluctant to discuss their property and finances with strangers.