Question
Joe's will has the following dispositions: Vacation cabin to brother Bob. (The cabin is worth $180,000) Modern art painting to friend Fred. (The painting is
Joe's will has the following dispositions:
- Vacation cabin to brother Bob. (The cabin is worth $180,000)
- Modern art painting to friend Fred. (The painting is worth $20,000)
- Charitable donation of $50,000 to Salvation Army from the Chase Bank savings account
- Residue to son, Sam.
When he wrote the will, Joe had over $500,000 in his bank accounts, and intended that his son Sam receive the majority of his estate.
After writing the will, Joe gets married to Martha and never rewrites his will.
Sadly, Joe gets sick on the overseas honeymoon and is hospitalized. Martha spends most of Joe's bank funds to cover the complex surgery, medical flight back to the US, and the US medical bills. However, Joe still dies right after the honeymoon, with only $50,000 left in the Chase Bank savings account, $10,000 left in the Chase checking account, and no other assets besides the cabin and the painting.
1. To what percentage of the value of the following assets will Martha be entitled (if any)?
Vacation cabin: ______
Painting: ______
2. In probate, how much money will Martha receive from the following accounts?
Savings account: ______
Checking account: ______
3. In probate, how much money will Sam receive from the following accounts?
Savings account: ______
Checking account: ______
4. How much would (a) Martha, (b) the Salvation Army, and (c) Sam have received if Joe had given the Salvation Army 10% of the residue, rather than a set amount? Recall that Joe died with the cabin, a painting and money in the bank. The cabin and painting were specific gifts, and not part of the residue. The total cash in the bank at his death was $60,000.
Please provide the answers to the question based on California rules of law for Wills and Trust.
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