Healthy Eating Habits for a Better Life

Why Healthy Eating Habits Matter

ASSIGNMENT #2

The Principal trusts that you have all answers to Ms. Smith question in your wealth of knowledge, however, the Principal requests that you do the following:  

a) Prepare Ms. Smith’s will based on the information received during the first meeting.

b) Prepare a memorandum answering each of the questions in preparation for the meeting.

OVERVIEW

You successfully completed your interview with Ms. Smith. She is very pleased with the relationship that you are developing.  She is becoming more comfortable with the idea of planning for when she passes away.  You are scheduled to have another meeting with her to review her will in a few weeks.

As she is becoming more comfortable, as indicated initially, she is a curious person.  Although she feels that you were very thorough, she called the office and requested that you be prepared to answer the following questions during the upcoming meeting.

Ms. Smith would like to know:

1.  What is a holograph will?  

2. Can my granddaughter who is 15 years old get her will completed?

3. We are in this COVID pandemic, I do not want to put any of my friends at risk, can my daughter and her husband be my witnesses?

4. If not, do I need more than one witness? If yes, after I sign the will, can one witness sign on one day, and another sign on another day? 

5. Can my son be my estate trustee, or does it need to be a stranger?

6. What does it mean when there is an administration of my estate?

7. If I wanted to change my will, can I just change it myself and initial it? If not, what are my options if it is a minor change?

8. What happens if any of my children pass away before I do?

9. Is there an order in which my assets will get distributed? What is the order?

10. The economy is so uncertain, I am watching my wealth deplete. What happens if I no longer have enough assets to cover my gifts, or I need to sell some of my assets before I pass away? 

11. Can you show me how the estate will be distributed based on my instructions that I provided? 

12. Can I have more than one will at the same time?  Is it good for me to have two or more wills?

13. Is there any issue with me leaving a large sum of money to my underage granddaughter

14. What happens if any of my children die within 30 days of my death or if we die at the same time? What is the name of the legislation that governs this rule?

15. It is hard to determine all the items in my house, can I just give away all my personal items to one person by just calling the gift “household items”?

16. I may give my son some of his inheritance to help him purchase a bigger home, but I want to ensure that my children are treated fairly.  Will this gift have an effect on how much money he receives under my will?