Question
Jane Smith has come into the office regarding the passing of her husband, Bill Smith. She is unable to find any Last Will prepared by
Jane Smith has come into the office regarding the passing of her husband, Bill Smith. She is unable to find any Last Will prepared by Mr. Smith. Their family situation is as follows:
One child of this marriage, Tom Smith, who is married to Beth, and they have two children. Chris and Mike who are minors.
Mr. Smith has one parent living who is his mother, Jane Smith. His father, Bud, passed away 9 years ago.
Mr. Smith has one brother, Ted Smith, who is married to Anna and they have two children, Grant and Garrett. Grant is not married and has no children but Garrett is married to Kim and they have one child, Ember, who is a minor.
Th the following asset information has been gathered from Mrs. Smith:
Residence in Mecklenburg County that is owned by Mr. and Mrs. Smith.
Rental property in Cabarrus County in the individual name of Mr. Smith.
Vacation property in Onslow County that is titled in the names of Bill Smith and brother, Ted Smith.
Brokerage account at T. Rowe Price valued at $100,000 in the individual name of Mr. Smith.
Bank account at Bank of America with a date of death balance of $20,000 that is owned by Mr. and Mrs. Smith joint with right of survivorship.
IRA owned by Mr. Smith valued at $100,000 that names Mrs. Smith as the primary beneficiary.
2015 Volvo titled in the individual name of Mr. Smith valued at $25,000.
1.What other family members will be involved in this intestate distribution as heirs of the described assets which will be subject to the intestate succession statutes and specifically outline for me what they should anticipate receiving in real and personal property.
2.Give me an overview for Mrs. Smith as toall she can expect to receive from this estate showing what passes to her directly, by law/title, as well as what she can expect to receive from those assets subject to the intestate rules.
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