Hathaway-AA02

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Kansas City Kansas Community College *

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0140

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Law

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Feb 20, 2024

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docx

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4

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Last Name 1 Shelby Hathaway Mrs. Huggins BUSN-0206 02/16/24 Chapter 26: Estates and Trusts Introductory Problem George, an elderly widower, has no children of his own but enjoys a very close relationship with his two stepdaughters, his late wife’s children by her first marriage. George’s only living blood relative is his brother, from whom he has been estranged for many years. George has a substantial amount of property—his home, two cars, stocks and bonds, rental property, bank accounts, and a valuable collection of baseball cards. Though retired, George is an active volunteer for, and supporter of, several community charities and organizations. Presently, George does not have a will, but he is considering writing one. In the event that George passes away intestate—that is, without a will—the intestacy rules of the state in which he resides will probably govern the disposal of his assets. Since George lives in Kansas, the state's intestacy laws would be relevant. Usually, surviving spouses and blood relatives have priority in distribution under intestacy laws. Given that George is an old widower without children and that his estranged brother is the only living blood relative, his property would probably be divided in accordance with Kansas's intestacy rules in favor of his brother.
Hathaway2 Introductory Problem Questions 1. What will happen to George’s property upon his death if he does not have a will at the time? 2. What are the requirements for executing a valid will? 3. What can cause a will to be invalid? 4. After George’s death, how would his estate be probated? 5. If George decided to create a trust to benefit his stepdaughters, what is required to create a trust, and what are the legal duties of a trustee? What are the ethical duties of a trustee? Introductory Problem Answers 1. In the event that George passes away intestate—that is, without a will —the intestacy rules of the state in which he resides will probably govern the disposal of his assets. Since George lives in Kansas, the state's intestacy laws would be relevant. Usually, surviving spouses and blood relatives have priority in distribution under intestacy laws. Given that George is an old widower without children and that his estranged brother is the only living blood relative, his property would probably be divided in accordance with Kansas's intestacy rules in favor of his brother. 2. State-specific criteria differ, but in general, a will needs to be in writing, signed by the testator (the person drafting the will) in front of witnesses, and signed by witnesses again in front of the testator. A
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