Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains
Cora, 79, has an estate that includes her personal residence valued at $120,000 and $18,000 in a bank account that is solely in her name. She would like to arrange her estate so that she maintains exclusive control of the assets during her lifetime, but at her death the assets will pass to her friend, Mabel, outside of probate.
Based on Cora's goals and situation, which of the following are correct statements about will substitutes that she could use?
- She should put her bank account in tenancy in common with Mabel.
- She should title her personal residence in joint tenancy with her friend, Mabel.
- She should execute a will that names her friend, Mabel, as the legatee of the bank account and the devisee of the personal residence.
- She should place the bank funds in a payable on death (POD) account with Mabel as beneficiary.
- She should change the title on her personal residence to indicate a life estate reserved for her lifetime and a remainder to her friend, Mabel.
The Answer of the above question is c ) option i.e. She should Execute a will that names her friend Mabel as the legatee of the bank account and the devisee of the personal residence.
This case is relates to both account balance and residence so if any thing after her death is left it is transfered due to a written will contact to her friend Mabel. before her death her balance and her property is in the control of herself which she can use it as per his want.
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