Where There’s a Will, There’s a Way Mina is a successful entrepreneur. She started a small bakery when she graduated from college and has turned it into a multi-million-dollar business. Mina is divorced and has had sole custody of her daughter Naitra, age 10, since her ex-husband left them 6 years ago. He provides no financial support for Naitra. Mina has spent a great deal of time running her business—

so much that she has sometimes neglected her financial plan. Recently, though, she consulted a financial planner, who was adamant that she immediately take care of a few very important elements of her financial plan. First and foremost, he wants her to make a will right away. Mina and her ex-husband had made wills many years ago, but they predated Naitra’s birth. In her old will, Mina left all her wealth to her husband. Mina’s current assets are as follows:

Equity in family home \($100,000\) Business assets \($250,000\) Retirement account \($200,000\) Other investments \($50,000\) Total net worth \($600,000\) In the event of her death, Mina wants her sister Janna to be Naitra’s guardian. Janna is aware of Mina’s wish and has agreed to act in this capacity. Mina’s brother Sanjay was named as the executor in her prior will and will probably be willing to continue in that role.

1.Does Mina need a will? What would happen if she died today, before drafting a new will?

2.What features should Mina incorporate in her will?

3.Does Mina need to include a trust in her will?

Why or why not?

4.If Mina names Janna as Naitra’s guardian but Janna dies before she does, who will end up being guardian?

5.What duties will Sanjay have to perform as executor of the estate?