I need help on problems and activities question 1 Chapter 16 of \"Personal finan

Question

I need help on problems and activities question 1 Chapter 16 of "Personal finance turning money into wealth 7th edition.

Which of the following estate planning documnets will ,codicil, letter of last instructions, living will do the following indiviaduals families need? explain your rationlale.

a. Kayla, a recent collage graduate with only a few personal assets, all jointly woned with her parents.

b. Justin and Edee, a couple in their 30s with two young children. they alradyt have a will that they made when they were first married 10- years ago before they had their second child.

c. Mac, a widowed man living with a close personal friend to whom he would liketo leave his personal assets upon death.

Explanation / Answer

a. Kayla is young (recent college graduate) and does not own significan assets in individual capacity, but she owns the assets jointly with her parents. Hence her family would require letter of last instructions which, though not legally binding, but it can be used to give/pass on instructions/information from her parents to Kayla in respect of location of will, assets left for her, how to manage the transition process and related information

b. Since Justin and Edee already have a will in place but the said will was prepared before their second child and is 10 years ago, they may want to incorporate some changes and the same can be performed through a codicil

c. Since Mac wishes to leave his wealth for his friend, who is not associated either through marriage or family tree, it is advisable to prepare a written will and record his instructions duly attested.

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