1. Explain in your own words what you understand when it is said that a property is...
Question:
1. Explain in your own words what you understand when it is said that a property is owned by 2 persons as "joint-tenants".
2. Please identify: (a) The essential qualities that a person must have if he/she wishes to make a Will.
(b) Please identify 3 types of assets that cannot be transmitted under a Will.
(c) Please explain how the assets that you have listed in question 12(b) above will be transmitted upon death of their owner.
In your own words, please explain the circumstances in which a marriage is deemed to be void at law. Please also explain how such a situation may arise and what the effects would be.
3. (a) Please explain the first six (6) Rules of Distribution of the estate of a person who dies without having made a Will. [Note: Rather than repeat the words of the provisions, state your understanding of each of the Rules of Distribution in your OM? words].
(b) Daisy died intestate. She left behind a huge estate. Her next-of-kin are wondering who would inherit her huge estate. Daisy was a childless widow, whose mother (who was also a widow) passed away one month before her. She had 3 siblings, but only one sister survives her. Of her 2 other siblings, one brother died in a diving accident when he was a teenager. The other brother passed away 2 years ago, leaving behind his wife and 3 children. Who, in your opinion, would inherit Daisy's estate? Please explain your answer by reference to the applicable laws.
Making Hard Decisions with decision tools
ISBN: 978-0538797573
3rd edition
Authors: Robert Clemen, Terence Reilly