Case summary:BL passed away recently he held number of assets and it is required to identify who will receive his assets, based on analysis it is determined that his widow is the legal owner of his most of the assets and his daughter and son will get accounts payable at death.
Characters in the case : BL of Scranton, Pennsylvania.
Adequate information: BL passed away, and left some assets in the form of checking and savings accounts, some noncash assets and two savings accounts payable at death. It is required to determine the legal owner of each asset after his death.
When a will is written by deceased all the distributions are based on that will if nothing is available then legal heirs will be the legal owners after the death.
To determine: The ownership of assets held by BL after his death.
Introduction:
Establishment of ownership of assets:the ownership of asset depends on various factors such as, asset is owned by the person who has registered documents on his name, an asset can be owner by an individual or jointly.
An individual owner of asset or account has one owner who is responsible for the account and activity.
A joint owner has two or more owners, each of whom has legal rights to the funds of the account. They are three types of joint ownerships.
- Joint tenancy with right of survivorship
- Tenancy in common
- Tenancy by the entirety
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Chapter 5 Solutions
Personal Finance (MindTap Course List)
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