Question
You are an attorney in Florida that specializes in the preparation of Wills and Trusts. Based on your stellar reputation, Logan Roy, a billionaire, has
You are an attorney in Florida that specializes in the preparation of Wills and Trusts. Based on your stellar reputation, Logan Roy, a billionaire, has hired you to create a will for him. You schedule an initial meeting with him in order to obtain information to draft his will. During that meeting he tells you that he has recently suffered a stroke and that his four adult children, Connor, Shiv, Roman and Kendall are ambitious and greedy. He has recently married his third wife, Marcia, who also has a child, Amir, that his not his biologically or by adoption. He has discussed adopting Amir with Marcia, but there are no plans for that right now. He tells you that he does not want to give Kendall anything because Kendall tried to steal his company. He said he wants to give Shiv his enormous mansion in Kennebunkport, Maine because she has been his primary caretaker since the stroke and he has relied heavily on her. He mentions that he really only discusses things with her and always take her advice. Logan tells you confidentially, that he is also a philanderer. Even after the stroke, he likes to date young women on the side. He currently has a girlfriend who is 28 years old. He also would like to give his second wife, Caroline, mother of Shiv, Roman and Kendall, his enormous waterfront mansion in Hobe Sound Florida that she has always liked but did not get in the divorce. He tells you that Marcia is jealous of Caroline and won't like that he is giving her this enormous mansion. He would like to give Marcia half of the rest of the estate and the other half to be shared equally among his three biological children, Connor, Shiv and Roman and their heirs. He wants to make Shiv his Personal Representative.
1. WHAT is the residuary clause of the estate.
2. Would you take any extra precautions to prevent a will contest based on what he's told you?
3. Is there more information you would like to ask him before finalizing your draft? If so, what would you like to ask him?
4. Is Shiv allowed to be his Personal Representative? What would you advise Logan about making her his PR?
Step by Step Solution
3.41 Rating (148 Votes )
There are 3 Steps involved in it
Step: 1
The residuary clause of the estate would be a provision in the will that addresses the distribution of any remaining assets that are not specifically mentioned in other parts of the will In this case ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started