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Jack and Michelle created an irrevocable trust in 2 0 1 5 with approximately $ 3 0 million of assets, and they are the primary
Jack and Michelle created an irrevocable trust in with approximately $ million of assets, and they are the primary income beneficiaries of the trust income. Upon both of their deaths, the trust is to continue paying income in equal shares to their children, Maya and Marty. Once Maya and Marty die, the income from the trust will be paid to Jack and Michelles grandchildren in equal shares Jack and Michelle believe that all of their assetsproperty are in the trust. Their goals are to have no probate assets at death and pass their wealth down the generations.
Jack and Michelles wills give all estate assets to the surviving spouse and upon both of their deaths they are to be equally divided between their children. The wills were done before they created the aforementioned trust.
Jack and Michelle die in a car accident in After their deaths, several things were discovered:
Although most of their assetsproperty were owned by the trust, Jack had a Audi that was owned by him and not the trust.
There was also an old account that Michelle owned in her name alone from a job invested some profit sharing she had at a job in and forgot about. The account has a date of death value of $
Based on the facts known above, will an estate need to be opened for Jack? yes or no
Based on the facts known above, do Michelle and Jacks wills provide any mechanism to transferbequest any estate property to the trust? yes or no
If no what provision is missing from the wills that would accomplish transferring the probate property to the trust? If yes, what clause in the will gets it into the trust?
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