Reference no: EM133297692
Jacob died unexpectedly in an auto accident. He is survived by two adult daughters, Amber and Sue. He left a valid Will which stated that his estate shall be split equally between his two daughters. His assets when he died were:
a. House owned in his sole name;
b. Life insurance policy with his daughters named as equal beneficiaries.
c. Lake house, worth $150,000, owned jointly, with rights of survivorship, with his daughter Amber.
d. Bank account in his sole name
e. Retirement benefits, worth $400,000, with his daughter Sue named as beneficiary.
Regarding how Jacob's estate will pass and to whom:
1. Which of Jacob's assets will be controlled by his Will and go through the probate process. Explain your answer.
2. Which assets will not be subject to his Will and will not go through probate? How and to whom will the asset pass? Explain your answer.
3. After all Jacob's assets are transferred, have Amber and Sue received equal shares of all his assets? Why or why not?
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