SOLUTIONS MANUAL - Emma Wright TABLE OF CONTENTS: Chapter 1. The E...

SOLUTIONS MANUAL

Wills, Trusts, and Estate Administration 9th Edition by Janis Walter and Emma Wright

TABLE OF CONTENTS:

Chapter 1. The Estate Plan and the Purpose and Need for a Will Chapter 2. The Concept of Property Related to Wills, Trusts, and Estate Administration

Chapter 3. The Law of Succession: Death Testate or Intestate

Chapter 4. Wills: Validity Requirements, Modification, Revocation, and Contests

Chapter 5. Preparation to Draft a Will: Checklists and the Conference with the

Client Chapter 6. Final Draft and Execution of a Valid Will Chapter 7. The Participants and the Proper Court

Chapter 8. Personal Representatives: Types, Pre-Probate Duties, and Appointment

Chapter 9. Probate and Estate Administration Chapter 10. Informal Probate Administration Chapter 11. Tax Considerations in the Administration of Estates Chapter 12. Introduction to Trusts Chapter 13. Classification of Trusts, the Living Trust, and Other Special Trusts Chapter 14. Estate Planning Chapter 15. Long-Term Care

Solution and Answer Guide: Walter, Wills, Trusts, and Estate Administration 2022, 9780357452196;

Chapter 01: The Estate Plan and the Purpose and Need for a Will

• © 2022 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible

website, in whole or in part.Solution and Answer Guide Walter, Wills, Trusts, and Estate Administration 2022, 9780357452196,

Chapter 01: The Estate Plan and the Purpose and Need for a Will

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

• 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. Some procrastinate. Some cite cost as a reason to avoid writing a will. Some people are prohibited by statute from writing wills (e.g., minors and incompetent persons).

Solution and Answer Guide: Walter, Wills, Trusts, and Estate Administration 2022, 9780357452196;

Chapter 01: The Estate Plan and the Purpose and Need for a Will

• © 2022 Cengage. All Rights Reserved. May not be scanned, copied or duplicated, or posted to a publicly accessible

website, in whole or in part. Some people do not need a will because they have limited or no property. Some have no heirs and feel they have no need for a will. Some are satisfied with the distribution provided by the intestate succession statutes of their state. Some attempt to create a will, but it is declared invalid by the probate court due to improper execution. Some use ―will substitutes‖ such as joint tenancy, trusts, inter vivos gifts, transfer-on-death deeds, and life insurance.

• What does it mean to say the maker of a will has testamentary capacity? How does it differ from

legal capacity?

Solution:

Testamentary capacity means that the maker or testator must be old enough to write a will and be of ―sound mind‖ at the time the will is made. It refers to the requirements of state statutes for a person to make a will. Legal capacity does not necessarily hinge upon age.

• List your state‘s statutory requirements for the execution of a will. How do your state‘s

requirements for a valid will differ from those of other states?

Solution:

Most states require the following:

 Legal capacity (generally age 18 or older). Testamentary capacity (sound mind). Will must be written/printed (some states allow handwritten or oral). Signed by testator in presence of competent witnesses (some states allow ―X‖ or proxy signature) (definition of ―presence‖ varies with states and is evolving with electronic wills) (many states required signature at end of will). Dated. Be attested and signed by competent witnesses (unless holographic of nuncupative) (most states require two witnesses).

• Since the terminology included in this chapter is essential to your understanding of legal concepts

and procedures presented in future chapters and your practice in the fields of wills, trusts, and estates, write out your own definition of each key term in this chapter. Are your definitions essentially the same as those in the text?

Solution:

Here are the key terms to be defined:

testament estate plan disposition will statutes legal capacity testamentary capacity testator (male)/testatrix (female) sound mind execution of a valid will holographic will beneficiary [of a will] formal probate