These problems are available in MyFinanceLab Which of the following estate plann

Question

These problems are available in MyFinanceLab Which of the following estate planning documents-will, codicil, letter of last instructions, living will-do the following individuals/families need? Explain your rationale a. Kayla, a recent college graduate with only a few personal assets, all jointly owned with her parents b. Justin and Edee, a couple in their 30s with two young children. They already have a will that they made when they were first married 10 years ago-before they had their second child. c. Mac, a widowed man living with a close personal friend to whom he would like to leave his personal assets upon death

Explanation / Answer

a

Kayla owns a few assets all of which are jointly woned by parents. So she can leave a letter of instructions if she so wishes but it will not be legally binding and the assets will go to parents after her.

b

Codicil is used to make changes to existing will. The couple may want to alter the will to include their second child in the will.

c

Mac will require a will specifying he wants to leave his assets to his friend otherwise heirship rules will apply and his friend will have no legal claim over those assets.

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