FIN/ACCT 453 Homework 2Mini Case Study - Contesting a WillBobby comes to your law office and secks your help regarding the following facts. Bobby is an extremely handsome 50-something year old, long time Illincis resident. Until 10 years ago, he was unmarried. He tried a number of business ventures before his marriage without success. In fact, he twice filed bankruptey and had no nssets when he muried. In 1992, he met and married Alice, a very wealthy Illinois resident in her mid 60%s. Alice had two children by a prior marriage.Bobby tells you that he retired when he married Alice. He and Alice traveled extensively and entertained their mutual friends when at home in Chicago. They also loved to play golf, playing in Chicago during the spring, summer and fall, and playing in warm resorts during the winter. He and Alice were very happily married; however, Bobby did not get along with Alice's children. Before her marriage to Bobby, Alice hid given her chitdren $3,000,000 ench, but they each felt that they were entitled to more. They resented Bobby for obvious reasons.Unfortunately Alice died two weeks ago. Now that Bobby has recovered from the sadness of her death, he is concernod with his rights in her estate. After the funeral, Alice's children presented him with a 1989 Will that left three quarters of her estate to them and one quarter to the Chicago Symphony. Bobby responded by giving them a copy of Alice's September 2002 Will leaving three quarters of her estate to Bobby and one quarter to the Nashville Tennessee Country Musie Foundation. The children scoffed at Bobby's will stating that "Mom was out of it by 2002, as you well know."Bobby admits to you that Alice began "losing it" in mid-2001, but he was unable to convince her to make a new will until September 2002. Alice went to a Chicago estate planning lawyer and specialist, who prepared her will. Alice signed the will in the lawyer's office. Bobby attended the initial meeting with the attomey, but Bobby was not present when the will was signed. The will was properly executed.When you ask Bobby what he means by "losing it". Bobby says that she often would forget she had children, would forget how much money she had (thinking she was impoverished), and occasionally would forget his name (although she always knew Bobby was her husband). Alice's friends and children, as well as Bobby, observed these problems. When you ask how Alice was at the time the September 2002 Will was executed, Bobby says he can't remember for sure, but she was about the same as his general description.Bobby tells you that Alice's estate is worth $12,010,000. She kept all of her assets in her name. Although Alice gave Bobby a nice allowance, he has spent it all and has no assets now. He wants to know what his rights are in Alice's estate. Bobby needs and wants as much of Alice's estate as he can get.1