Business Law

Business

Quiz 52 :
Cases

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Quiz 52 :
Cases

The law strikes a fair balance between the rights of property. As per law, finders acquire good title to found personal property than anyone else except its actual owner. If two persons are claiming to have property than in that case generally court will decide the case in favor of person who can claim prior possession. The court will ask to make an attempt to find true owner of the property, if it found true owner then property belongs to him but if true owner is not found than in that case court will rule in favor of person who has claim prior possession of it.

a). Valid Will: In order for a will to be valid it must adhere to the following: 1. Must be in writing. 2. Must be signed by the testator. 3. Must be witnessed. The number of witnesses vary by state as well as who qualifies as a witness. The validity of the will depends on the state laws dealing with witness qualifications because one of the witnesses was an interested party. b). Invalid Will Distribution: On the occasion that a will is determined to be invalid, the state intestacy laws take precedence. State laws specify the distribution of an estate in accordance with the intent of the decedent. In general, the spouse and all surviving children share the estate. Since Patricia has predeceased Benjamin, the only surviving heir under intestate state law is Edward. Edward will receive the entire estate with Patricia's children receiving nothing. c). Valid Will Distribution: Since the will has been determined to be valid, the estate shares equally between Patricia and Edward. Edward will receive half of the estate. Under the terms of the will, since Patricia predeceased Benjamin, her two children will share equally in Patricia's fifty percent of the estate under the per stirpes clause.

The case discusses about Mr. R, who set up a $48,000 fund through WP Credit Union to provide for his nephew, Mr. NC. Also, the trust was established under R's control and went into effect that August. Mr. NC was not doing well and thereafter suffered a serious illness. Hence, he designated his cousin to act on his behalf if he became incapacitated in future. Based on the above information, the trust appears to be a revocable living trust or inter vivos trust as it remained under R's control.

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