Question
Darlene and Jacob Snell own 800 acres of farmland titled as joint tenants with rights of survivorship, not as tenants in common. Currently the land
Darlene and Jacob Snell own 800 acres of farmland titled as "joint tenants with rights of survivorship, not as tenants in common". Currently the land is appraised at $5,000 per acre. In addition, Mr. Snell holds a $200,000 CD in his name only, and Mrs. Snell holds a $200,000 CD in her name only. Mr. and Mrs. Snell have no debts. Mrs. Snell's last will and testament provides that "all of my assets at my death shall be divided in three equal portions among my two children and my husband." Mrs. Snell dies unexpectedly, leaving her husband and two children as her sole heirs. Which of the following statements is true?
a. | The children will inherit 2/3 of Mrs. Snell's interest in the CD and her 50% interest in the farm | |
b. | The children will inherit 2/3 of Mrs. Snell's interest in the CD and no interest in the farm | |
c. | The children will inherit her CD only | |
d. | The children will inherit 2/3 of Mrs. Snell's interest in the CD and 2/3 of her 50% interest in the farm
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