Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

It's our last chance to peek into Tarek's financial planning as he prepares for his death. Now that Tarek is married, he wants to make

It's our last chance to peek into Tarek's financial planning as he prepares for his death.

Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car.

Instructions

Please answer the following questions for Tarek in an attached document or in the box below.

  1. If Tarek and Samantha do not write wills and one or both were to pass away, how will the distribution of their assets be decided?
  2. How should Tarek notify Samantha of his burial desire? Does Samantha need to follow Tareks wish?
  3. Who might Tarek name as the executor of his estate?
  4. What document does Tarek need to draft to make his wishes regarding incapacitation known?
  5. If Tarek names Samantha as his healthcare proxy using appropriate forms, can she direct the hospital or Tareks physician to implement Tareks incapacity wishes?

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Local Public Finance

Authors: René Geissler, Gerhard Hammerschmid, Christian Raffer

1st Edition

3030674681, 978-3030674687

More Books

Students also viewed these Finance questions