(a) To determine: An estate planning document for a recent college graduate, K. Introduction: Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Question

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Answer 1

Question

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

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Students have asked these similar questions

Pam and Jim are saving money for their two children who they plan to send to university.The eldest child will enter university in 5 years while the younger will enter in 7 years. Each child is expected spend four years at university. University fees are currently R20 000 per year and are expected to grow at 5% per year. These fees are paid at the beginning of each year.Pam and Jim currently have R40 000 in their savings and their plan is to save a fixed amount each year for the next 5 years. The first deposit taking place at the end of the current year and the last deposit at the date the first university fees are paid.Pam and Jim expect to earn 10% per year on their investments.What amount should they invest each year to meet the cost of their children’s university fees?

You make a loan of R100 000, with annual payments being made at the end of each year for the next 5 years at a 10% interest rate. How much interest is paid in the second year?

Answer 2

Question

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

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Answer 4

Question

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

Answer 6

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Answer 7

Chapter 16, Problem 1PA

Summary Introduction

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Answer 8

Expert Solution

Explanation of Solution

K is a recent college graduate, who owns few assets that too in joint ownership with her parents, so the estate planning document most feasible for her is a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Answer 9

Expert Solution

Answer 10

Expert Solution

Answer 11

Expert Solution

Answer 12

Conclusion

Since, K owns very less assets and that too are jointly owned, so the best estate planning document for her will be a will in which she can easily mention her wishes regarding distribution of her part in the jointly owned property and anything that she wants to be done after her death.

Answer 13

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Answer 14

Summary Introduction

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Answer 15

Expert Solution

Explanation of Solution

J and E are having a will that was created 10 years ago before they had their second child, so a codicil would be the best choice among others because,

Adding an individual who was previously not a part of the will can be easily done with a codicil.
It is an economical way to amend, change or revoke any part of the will.

Answer 16

Expert Solution

Answer 17

Expert Solution

Answer 18

Expert Solution

Answer 19

Conclusion

Thus, it is advisable to J and E to go for codicil as an estate planning document as her second child will also become a part of their will and that too at very less spending.

Answer 20

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

Answer 21

Summary Introduction

(c)

To determine:

An estate planning document for a widowed man, M.

Answer 22

Expert Solution

Explanation of Solution

M is a widowed man living with his personal close friend is advised to create a will because,

It is very simple to create and can be drafted easily with no or minimal creation cost.
It is an easy way of granting rights of assets and properties to anyone mentioned in the will.
It allows to plan for personal matters like funeral arrangements, care and upbringing of living pets and any other matter the person wants to.

Answer 23

Expert Solution

Answer 24

Expert Solution

Answer 25

Expert Solution

Answer 26

Conclusion

Since, M wants to give all of his personal assets and properties to his personal close friend, he is advised to generate a will stating all the facts so that his wish is fulfilled.

Answer 27

Ch. 16 - Prob. 1PA Ch. 16 - Prob. 2PA Ch. 16 - Prob. 3PA Ch. 16 - Prob. 4PA Ch. 16 - Prob. 5PA Ch. 16 - Prob. 6PA Ch. 16 - Prob. 1DC1 Ch. 16 - Prob. 2DC1 Ch. 16 - Prob. 3DC1 Ch. 16 - Prob. 4DC1

(a) To determine: An estate planning document for a recent college graduate, K. Introduction: Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

(a) To determine: An estate planning document for a recent college graduate, K. Introduction: Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

Explanation of Solution

(b) To determine: An estate planning document for a couple, J and E. Introduction: Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

Explanation of Solution

(c) To determine: An estate planning document for a widowed man, M.

Explanation of Solution

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Chapter 16 Solutions

(a)

To determine:

An estate planning document for a recent college graduate, K.

Introduction:

Will is a legally enforceable certificate prepared by an individual that contains the wishes of an individual about the allotment of his assets and property upon his death.

(b)

To determine:

An estate planning document for a couple, J and E.

Introduction:

Codicil is a supplementary document similar to a will that is prepared to amend, modify or to revoke a part of the will.

(c)

To determine:

An estate planning document for a widowed man, M.