Does valentino need to consider amending his will

Assignment Help Financial Accounting

Reference no: EM133326778

Case: Valentino's will leaves his half of his probate estate to a testamentary trust in which his wife and child are income beneficiaries, and his children the remainder beneficiaries. The will gives the remainder of his probate estate outright to his child. Valentino wanted to be assured that both his wife and children received some part of his estate while incurring minimal estate administration fees. Valentino has a gross estate of $2 million. Since the will was drafted, Valentino has had second thoughts about the way he decided to distribute the assets of his estate.

Does Valentino need to consider amending his will?

A) No, because the spousal elective share given to his wife by state statute will permit her to take all of Valentino's estate in any event.

B) Yes, because the existing will does not include a residuary clause and thus could be subject to the intestacy statutes.

C) Yes, because if his wife predeceases him, her portion of the estate will pass through intestacy at Valentino's death and be distributed to unintended beneficiaries.

D) No, because there will be no estate tax to be paid out of pocket by his estate.

Reference no: EM133326778

Questions Cloud

Difference between treatment and recovery : What is the difference(s) between treatment and recovery? Address if anyone is ever "recovered," or is she/he always "in recovery?"

What further investigative steps are needed : What further investigative steps are needed? By code and narrative, what are the appropriate criminal statute(s) in New Jersey to make an arrest?

What items are discussed in the summary of significant : On Target 2021 10K report, What items are discussed in the summary of significant accounting policies?

Describe child may be trying to express with their behaviour : Analyze the problem by describing all that the child may be trying to express with their behaviour. Next describe what it is they may need from you.

Does valentino need to consider amending his will : Does Valentino need to consider amending his will? A) No, because the spousal elective share given to his wife by state statute will permit her to take all

Do you think agencies as a whole face to stay vibrant : What challenges do you think organizations and agencies as a whole face to stay vibrant, remain aware of the changes happening in human services.

How will issues in the corrections system affect you : How will issues in the corrections system affect you as a criminal justice professional? Which aspects of the corrections system will be most important for you

What do you think of the quality of the scene investigation : What do you think of the quality of the scene investigation-address this by citing SPECIFIC examples from the "Case File" to support your viewpoint.

What would be the deal-breakers : Critical Ending Factors: What would be the deal-breakers? How does this compare to the literature on divorce?

User Account

All Pages