Jack and Jill are married and have two children, Dick and Jane. Jack and Jill live in New Mexico. At the time of Jack's death, Jack and Jill had the following assets:

• Joint bank account $10,000
• Stock account owned by Jack and Jill titled jointly as tenants in common $1,000,000
• Jack's IRA naming Jill as the beneficiary $750,000
• Primary residence owned jointly by Jack and Jill with right of survivorship $300,000
• Mutual fund account owned by Jack's revocable trust $450,000

1. What is the value of Jack's probate estate?

1. For each of the remaining assets, state how they will be passed & to whom:

Bank account_________________________

Jack's IRA_________________________

Residence_________________________

Mutual fund acct_________________________

1. Please describe the difference between the terms Per Capita and Per Stirpes.

1. What are the legal requirements for creating a will?

1. Describe 5 grounds for which a will may be contested.

1. What is a power of attorney? Describe circumstances in which a power of attorney may be particularly important.

1. When is a power of attorney considered to be durable?

1. What is a living will? How is it used?

1. What is a guardianship? How does a guardian differ from a trustee?