Importance of writing a will. Emilia and Kevin Boyd are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $150,000 and own a house in joint tenancy with a market value of $410,000, on which they have a mortgage of $300,000. Kevin has $100,000 in group term life insurance and an individual universal life policy of $150,000. However, the Boyd’s haven’t prepared their wills. Kevin plans to draw one up soon, but they think that Emilia doesn’t need one because the house is jointly owned. As their financial planner, explain why it’s important for both Emilia and Kevin to draft will as soon as possible.
Importance of writing a will. Emilia and Kevin Boyd are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $150,000 and own a house in joint tenancy with a market value of $410,000, on which they have a mortgage of $300,000. Kevin has $100,000 in group term life insurance and an individual universal life policy of $150,000. However, the Boyd’s haven’t prepared their wills. Kevin plans to draw one up soon, but they think that Emilia doesn’t need one because the house is jointly owned. As their financial planner, explain why it’s important for both Emilia and Kevin to draft will as soon as possible.
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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- Importance of writing a will. Emilia and Kevin Boyd are in their mid-30s and have two children, ages 8 and 5. They have combined annual income of $150,000 and own a house in joint tenancy with a market value of $410,000, on which they have a mortgage of $300,000. Kevin has $100,000 in group term life insurance and an individual universal life policy of $150,000. However, the Boyd’s haven’t prepared their wills. Kevin plans to draw one up soon, but they think that Emilia doesn’t need one because the house is jointly owned. As their financial planner, explain why it’s important for both Emilia and Kevin to draft will as soon as possible.
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