Mr. and Mrs. Meyer own 800 acres of farmland titles as “joint tenants with rights of survivorship, not as tenants in common.” Currently the land is appraised at $5,000 per acre. In addition, Mr. Meyer holds a $200,000 CD in his name only, and Mrs. Meyer holds a $200,000 CD in her name only. Mr. and Mrs. Meyer have no debts. Mrs. Meyer’s last will and testament provides that “all of my assets at my death shall be divided in three equal portions among my two children and my husband.” Mrs. Meyer dies unexpectedly, leaving her husband and two children as her sole heirs. Which of the following statements is true a. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and her 50% interest in the farm. b. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and no interest in the farm. c. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and two-thirds of her 50% interest in the farm. d. The children will inherit her CD only
Mr. and Mrs. Meyer own 800 acres of farmland titles as “joint tenants with rights of survivorship, not as tenants in common.” Currently the land is appraised at $5,000 per acre. In addition, Mr. Meyer holds a $200,000 CD in his name only, and Mrs. Meyer holds a $200,000 CD in her name only. Mr. and Mrs. Meyer have no debts. Mrs. Meyer’s last will and testament provides that “all of my assets at my death shall be divided in three equal portions among my two children and my husband.” Mrs. Meyer dies unexpectedly, leaving her husband and two children as her sole heirs. Which of the following statements is true
a. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and her 50% interest in the farm.
b. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and no interest in the farm.
c. The children will inherit two-thirds of Mrs. Meyer’s interest in the CD and two-thirds of her 50% interest in the farm.
d. The children will inherit her CD only.
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