In the late 1980 s, Carsten Richter, from Germany, migrated to the United States, where he is now a citizen. A man of many talents and deep foresight, he has built a large fleet of oceangoing oil tankers during his stay in the United States. Now a wealthy man in his 60 s, he resides in Aspen, Colorado, with his second wife, Gabriela, age 50. They have two sons, one in junior high and one a high-school freshman. For some time, Carsten has considered preparing a will to ensure that his estate will be property distributed when he dies. A survey of his estate reveals the following: The house and the Silver Mines International shares are held in joint tenancy with his wife, but all other property is in his name alone. He desires that there be a separate fund of $1 million for his sons' education and that the balance of his estate be divided as follows: 40 percent to his sons; 40 percent to his wife, and 20 percent to given to other relatives, friends and charitable institutions. He has scheduled an appointment for drafting his will with his attorney and close Carsten's cousin Heinrich Richter (a CPA) as co-executors. If one of them predeceases Carsten, he'd like First National Bank to serve as co-executor. Please answer fully and completely the following questions: 1. Does Carsten really need a will? Explain why or why not? What would happen to his estate if he were to die without a will? 2. Explain to Carsten the common features that need to be incorporated into a will. 3. Might the manner in which titles are held thwart his estate planning desires? What should be done to avoid problems? 4. Is a living trust an appropriate part of his estate plan? How would a living trust change the nature of Carsten's will? 5. How does the age of his children complicate the estate plan? What Special provisions should he consider? 6. What options are available to Carsten if he decides later to change or revoke the will? Is it more difficult to change a living trust? 7. What duties will Forrest Gauthier and Heinrich Richter have to perform as co-executors of Carsten's estate? If a trust is created, what should Carsten consider in his selection of a trustee or co-trustees? Might Forest and Heinrich, serving together, be a good choice