A client comes to your office requesting an estate plan. However, the client does not understand the difference between real and personal property. It is your role, as part of the legal team, to find, collect, classify, preserve, and appraise the property when necessary. An accurate classification is essential to the administration of an estate. Additionally, the client may have property that is classified as probate property but could become nonprobate property, which will go directly to the named beneficiary, eliminating the need and expense of probate.

Scenario

You have interviewed your client, Maurice, and his loving wife of $30$ years, Anna. They have requested that your office prepare his will. Maurice informs you that he owns the following property: a house that is deeded solely in his name, a car titled in his and his wife's name, a bank account in Maurice's name only, stock is in his name only, and a life insurance policy on Maurice's life. Maurice wants all his property to pass to Anna. You must first determine which one is real property versus personal property. Once you have classified the property, explain to Maurice what he can do$,$ if anything, to make the property a nonprobate asset.Description

A client comes to your office requesting an estate plan. However, the client does not understand the difference between real and personal property. It is your role, as part of the legal

team, to find, collect, classify, preserve, and appraise the property when necessary. An accurate classification is essential to the administration of an estate. Additionally, the client may

have property that is classified as probate property but could become nonprobate property, which will go directly to the named beneficiary, eliminating the need and expense of probate.

Scenario

You have interviewed your client, Maurice, and his loving wife of $30$ years, Anna. They have requested that your office prepare his will. Maurice informs you that he owns the

following property: a house that is deeded solely in his name, a car titled in his and his wife's name, a bank account in Maurice's name only, stock is in his name only, and a life

insurance policy on Maurice's life. Maurice wants all his property to pass to Anna. You must first determine which one is real property versus personal property. Once you have

classified the property, explain to Maurice what he can do$,$ if anything, to make the property a nonprobate asset.

Instructions

Prepare a list classifying Maurice's real versus personal property.

Prepare a new Microsoft Word document explaining your classification results to Maurice as well as why you reached the conclusion on each of the classification. Once you have

completed this portion, take each asset and explain to Maurice what can be done to convert that asset, if necessary, into a nonprobate asset. If the asset is already a nonprobate

asset, explain to Maurice why you do not have to do anything.