Reference no: EM133440868

FACTS: Gemma is 23 years old. She has one child, Nevaeh, who is 2 years old. She rents her apartment. She leases a car. She has about $900 in the bank. She does not own anything of exceptional monetary value, although she does have several of her great-grandmother's porcelain figurines that have high sentimental value. Gemma has about $3,000 in credit card debt. Gemma's parents divorced three years ago. She has a close relationship with her dad, but has not seen her mom since last July. Gemma does not think she needs a will because she is young and healthy and does own anything worth a lot of money.

1. Do you agree with her thinking that she does not need a will? Why or why not?

2. What happens if Gemma dies without a will? Include in your answer, what the process in Surrogate's Court is called when someone dies without a will. Also include who is likely to be the fiduciary for the estate and who will inherit any of Gemma's assets. Is voluntary administration an option here? Explain why or why not.

3. What types of things/clauses should Gemma consider putting in a will if she make one

4. If Gemma dies with credit card, are her parents or daughter responsible for paying it? Explain.

5. What other types of estate planning should Gemma consider? Explain what those things would do.

6. If Gemma makes a will, can she just leave everything directly to Nevaeh? Why or why not? What should Gemma do?