A Long-Overdue Will for Latafat In the late 1970s, Latafat Tilki, from Turkey, m
ID: 2478694 • Letter: A
Question
A Long-Overdue Will for Latafat
In the late 1970s, Latafat Tilki, from Turkey, migrated to the United States, where he is now a citizen. A man of many talents and deep foresight, he has built a large fleet of oceangoing oil tankers during his stay in the United States. Now a wealthy man in his 60s, he resides in Aspen, Colorado, with his second wife, Karen, age 50. They have two sons, one in junior high and one a high-school freshman. For some time, Latafat has considered preparing a will to ensure that his estate will be properly distributed when he dies. A survey of his estate reveals the following:
Ranch in Colorado
$ 1,000,000
Condominium in Santa Barbara
800,000
House in Aspen
1,500,000
Franchise in ice cream stores
2,000,000
Stock in Google
5,000,000
Stock in Wal-Mart
1,000,000
Stock in Gold Mines International
3,000,000
Other assets
200,000
Total assets
$14,500,000
The house and the Gold Mines International shares are held in joint tenancy with his wife, but all other property is in his name alone. He desires that there be a separate fund of $1 million for his sons’ education and that the balance of his estate be divided as follows: 40 percent to his sons, 40 percent to his wife, and 20 percent given to other relatives, friends, and charitable institutions. He has scheduled an appointment for drafting his will with his attorney and close friend, Gary Ingram. Latafat would like to appoint Gary, who is 70 years old, and Latafat’s 40-year-old cousin, Ceylan Sadik (a CPA), as co-executors. If one of them predeceases Latafat, he’d like Second National Bank to serve as co-executor.
Critical Thinking Question
How does the age of his children complicate the estate plan? What special provisions should he consider?
What options are available to Latafat if he decides later to change or revoke the will? Is it more difficult to change a living trust?
What duties will Gary Ingram and Ceylan Sadik have to perform as co-executors of Latafat’s estate? If a trust is created, what should Latafat consider in his selection of a trustee or co-trustees? Might Gary and Ceylan, serving together, be a good choice?
Please number each answer
Ranch in Colorado
$ 1,000,000
Condominium in Santa Barbara
800,000
House in Aspen
1,500,000
Franchise in ice cream stores
2,000,000
Stock in Google
5,000,000
Stock in Wal-Mart
1,000,000
Stock in Gold Mines International
3,000,000
Other assets
200,000
Total assets
$14,500,000
Explanation / Answer
Yes. Latafat needs a Will to distribute his assets which do not have a pre determined nominee or transfer on death deed, to properly distribute the assets according to his choice otherwise the distribution would be at the court's discretion according to the state's laws.
Every state has laws that direct what happens to property when someone dies without a valid will and the property was not left in some other way (such as in a living trust). Generally, only spouses, registered domestic partners, and blood relatives inherit under intestate succession laws; unmarried partners, friends, and charities get nothing. If the deceased person was married, the surviving spouse usually gets the largest share. If there are no children, the surviving spouse often receives all the property. More distant relatives inherit only if there is no surviving spouse and if there are no children. In the rare event that no relatives can be found, the state takes the assets.
The last will of a deceased person contains the provisions and terms for inheritance of his assets after death. A will names an executor, the person who controls the estate, but the deceased person can name more than one person to fulfill the duty. "Co-executors" is the term used to describe multiple persons named as the executor in a will. All co-executors share the same authority over the estate; however, the duties are more involved, as the executors must work as a team and are all held responsible for the estate as a group.
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