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Client: Mrs. Tricia Testator is a widow. She is 72 years old. Her husband died over fifteen years ago. She has two adult children. They
- Client:
- Mrs. Tricia Testator is a widow. She is 72 years old. Her husband died over fifteen years ago. She has two adult children. They are named Terry and Thomas. Tricia also has a sister named Margaret Wren. Tricia's cancer has recurred and has spread. Tricia is expected to die within six (6) months.
- Mrs. Testator met with your supervising attorney last week. Her assets are listed below:
- Single family dwelling at 65 Sundance Lane, Pasadena, California. It was purchased in 1989 for $250,000. The outstanding balance on the loan is $75,000. The appraisal value is $545,000. Currently, title is in Tricia's name, alone.
- Income rental units purchased in 1991 for $178,000. There is no outstanding balance on the loan. Appraisal value is $300,000. The net monthly income is $950 per month.
- Two autos:
- 2009 Honda Accord valued at $3,000- completely paid off; and
- 2016 Ford Taurus valued at $8,000- Tricia still owes $3,700.
- State Teachers Retirement System retirement account. Current balance: $97,792.00. Tricia is retired and receives $1,750 per month. The death benefit is $20,000.
- Bank account in Tricia's name, alone. Balance is $133,788. Interest income per year: $200.
- Two joint bank accounts in Tricia's and Terry's names. Balance in one account is $2,300 (annual interest is $25), and balance in the second account is $1,450 (annual interest is $15).
- Roth IRA account. Balance is $6,400.
- Antique furniture appraised at $7,500.
- Jewelry appraised at $5,600.
- Stock in IBM valued at $4,300. Held in Tricia's name, alone. Annual Dividends: $500.
- Five (5) savings bonds in various denominations (face value of $4,000) and maturing on different dates over the next two years.
- Miscellaneous personal property, including clothing, furniture, furnishings, kitchen items, etc. valued in the approximate amount of $1,250.
- During her interview, Tricia expressed her wishes for the distribution of her estate. She wishes to make a few specific gifts to a few recipients (noted below) and to leave the majority of her assets to her children in equal parts.
- Specific Gifts:
- $5,000 to Margaret Wren
- $2,000 to Tricia's church, Shepherd of the Hills Lutheran, Altadena, California
- $500 to the Allen Street Ladies Bridge Association.
- Personal Representative:
Tricia wants to nominate Terry to act as a representative. In the event Terry is unable to act as the personal representative, then Tricia nominates Thomas to serve.
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