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Assignment - Based on the scenario, do the following:

Q1. Calculate Maria's total probate estate as it exists now.

Answer - Maria total Probate assets as it exists

Particulars

Amount

Stock

50000

Defined benefit plan

35000

IRA

68000

Maria

27500

Residence

40000

Auto

20000

Silver Service

15000

personal Jewellery

20000

Furniture

15000

planning doc

-500

Fee

-3500

Cash

150000

Mortgage

-300000

Probate Fee

-1365

Probate Assets

135135

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Q2. Consider what types of documents Maria needs in place to have a proper estate plan in place and list those. In doing this prepare a list of the issues that Maria currently faces and identify the type of document that will address each issue. Understand that this list will include those things she wishes to accomplish. But it is not limited to those things alone.

Answer - Maria wants to have a proper estate plan so that the property held by her, seamlessly gets transferred to her heirs after her death. The heirs will be able to access the assets held in her name without any difficulty. The estate planning enables to carry out the wishes, which you cannot perform while you are alive. The following documents must be prepared

Will/ trust - It will give access to the property to the heirs and the desired distribution

Durable Power of Attorney - It will enable to access to the rights to various documents and assets upon the death or any incapacity

Beneficiary identification - Identifying and determining the beneficiaries and their status on the assets after the death or incapacity is very important.

Letter of Consent - It is important that the consent letter for the right to use various assets and documents is done in advance, so that the rights and duties are clearly defined.

Consideration of Insurance Products and healthcare power of Attorney will help to identify the person who is entrusted with responsibility of the health of the deceased.

Determination of Guardianship designations at the time of retirement.

By preparing these documents Maria will be able to allow access to the desired persons to her property in case of temporary or permanent incapacity.

Q3. Explore the alternatives available to her to pass property to her beneficiaries according to her wishes (including whether or not to use a Living Trust) and make specific recommendations to her including how property will pass according to each recommendation you make. If you do decide to recommend the living trust, explain why and if there are any further steps Maria needs to take in connection with that.

Answer - The first choice to pass property to the heirs is through will, which involves a legal process, to avoid the same, nowadays people have started with the theory of revocable living trust. In the revocable living trust, the responsibility of taking care of property is transferred when you are alive and mentally competent; you can also change the same if required by dissolving the trust. This trust often takes care of the privacy and avoids probate. The trust document will not become a public document unless court approval is demanded by beneficiary. The trust is less expensive and less complicated in nature. A trust can be treated as a substitute for power of attorney. This trust created can resolve many family conflicts that arise out of inheritance. Based on the above benefits Maria is recommended to have living trust and is required to do the following

Prepare a list of assets she owns

Find the paperwork for the assets

Choose the beneficiaries

She has minor children, therefore determine their guardian

The creation of trust will enable her to start the process when she is alive, whereas the will becomes active only on death, hence she should create a living trust.

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Q4. Recalculate her total probate estate if all of your recommendations are utilized by her.

Answer - The total Probate Estate on creation of Living trust are

Stock

50000

Defined benefit plan

35000

IRA

68000

Maria

27500

Residence

40000

Auto

20000

Silver Service

15000

personal Jewellery

20000

Furniture

15000

planning doc

-500

Fee

-3500

Cash

200000

Mortage

-300000

Assets

186500

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