Question: We have learned about trusts and will draft an irrevocable trust. We have also learned about wills and drafted a simple will, as well as

We have learned about trusts and will draft an irrevocable trust. We have also learned about wills and drafted a simple will, as well as learned what happens when someone passes away without a will or any instrument outlining his/her wishes after passing. Based on this knowledge, I need help to create a substantial discussion post about the benefits and the disadvantages of each estate planning method and which instrument/estate planning method is most beneficial overall and why.

This discussion needs to include:

Comparison of the benefits and disadvantages of each.

The various kinds of instruments are available for each (both a trust and a will).

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Law Questions!

Pretty simple just answer the questions below its only 2 of them attached are the reference materials you'll need to site apa style format from Chapter 11: 11.2 #2 (p. 276) Also answer this question...

Using the article provided Managing Change:The Art of Balancing by Duck, what is the most important aspect of the article?What is the biggest takeaway from the article (and why)? The Management of...

REPO R T T O WOR K AN D L E AR N I N G K N O W LE D GE C E N TR E R E P O R T T O W O R K A N D LE A R N I N G K N O W LE D G E C E N T R E Prepared by: Research Assistants: Christine Wihak Thompson...

Can i get help with my practice exam? I wanna compare it to mine but i have nobody to do it with. Practice quiz for final Question 1 (2 points) What are the two main goals of estate planning?...

Part I you are asked to use the introductory sentence about the tax payer and complete paragraph items 14 and 16. You will also use item 18 for needed Social Security numbers. Do not do additional...

Complete the following additional paragraph items: 1 ? 5 Please also examine the bullets on requirements to add that may pertain to these paragraphs. State any assumptions you are making in a...

Describe one specific section which surprised you. Explain the concept that was surprising and explain why I Self-Management Copyright 2007. Arnacorn. All rights reserved. Selfmanagement happens when...

1. Do you agree or disagree with the decision in the Lambert case (p. 323, textbook). Explain by making EXPLICIT reference to any of the principles of Contract Law (say which one(s) you are using)...

The use of estimates is a normal part of the accrual accounting process. Discuss two or three estimates used by accountants on a regular basis (for example, depreciation). With the core values of...

Jack Foods Inc. assembles food packages that can be sent overseas during the holiday season. Each package sells for $44 and costs $20 to put together. The company plans to assemble 100, 200, or 300...

Each of the following financial instruments is a derivative, except A . A contract to purchase a commodity in 6 months at a price determined today. B . A fixed interest, 5 - year note payable. C . An...

A company issues 1,050 shares of its common stock for $33,600 cash. Prepare journal entries to record this event under each of the following separate situations.