\"I leave the cash balance deposited in the First National Bank (up to a total o

Question

     "I leave the cash balance deposited in the First National Bank (up to a total of $50,000) to Jack Abrams. I leave $18,000 cash to Suzanne Benton. I leave 1,000 shares of Coca-Cola Company stock to Cindy Cheng. I leave my house to Dennis Davis. I leave all of my other assets and properties to Wilbur N. Ed."

Assume that the estate has the following assets: $41,000 cash in the First National Bank, $16,000 cash in the New Hampshire Savings and Loan, 800 shares of Coca-Cola stock, 1,100 shares of Xerox stock, a house, and other property valued at $13,000. What distributions will be made from this estate?(Make estate distributions in the order mentioned in the question.)

Assume that the estate has the following assets: $55,000 cash in the First National Bank, $6,000 cash in the New Hampshire Savings and Loan, 1,200 shares of Coca-Cola stock, 600 shares of Xerox stock, and other property valued at $22,000. What distributions will be made from this estate? (Make estate distributions in the order mentioned in the question.)

Explanation / Answer

Ans a distribution After the adjustment Final balance CASH Jack Abrams 41,000 As he has to be paid $50000 so remaining $9000 will be treated as general legacy 50000 CASH Suzanne Benton 16000 She has to receive $18000 she has got $2000 short of what was mentioned so Xerox stock will be sold and out odf the sale proceeds she will be given $2000 18000 COCA-COLA STOCK Cindy Cheng 800 Only 800 shares are there so as mentioned in the will he will get only coca coal shares which is now 800 800 HOUSE Dennis Davis House The tiltle of the house will be transferred to Dennis House OTHER PROPERTY Wilbur N. Ed Remaning After giving the balance amount to Jack $9000 and Suzanne $2000. The remaimg balance will be given to him Remaning Ans b distribution After the adjustment Final balance CASH Jack Abrams 50,000 The balance in Bank is $55000 but he will be given $50000 out of it so $5000 is remaing which can be distributed to other if they have insufficient amount 50000 CASH Suzanne Benton 6000 She has to receive $18000 she has got $12000 short of what was mentioned sofirst $5000 which is balance remaining in above transaction than proceeds from coca cola remaiming 200 shares and still if any deficiency than from Xerox stock will be sold and out of the sale proceeds she will be given the deficiency amount 18000 COCA-COLA STOCK Cindy Cheng 1000 from 1200 shares 1000 shares will be transferred to him 1000 HOUSE Dennis Davis 0 As there is no house so he wont get anything OTHER PROPERTY Wilbur N. Ed Remaning The remaing shares of Xerox plus all remaining other property will be distributed to him Remaning

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