Question
The subject is Business Law. Questions are included in the file below.
Albert, a dentist surgeon, and Joan, businesswoman, were married 10 years ago and have three children Alex (3 years old), Sam(5 years old) and Joe (8 years old). Before their marriage, they signed a Marriage contract in which it is clearly stipulated that: Both spouses shall be separate as to property Each shall have the sole administration of his or her assets; Each may dispose of them without the consent or authorization of the other spouse; The spouses have the following assets: An Immoveable property registered in Albert's name that is considered as their Family residence. This property is presently valued at 975,000.00S and has a mortgage of 95,000 A Condo situated in Miami (USA) under Albert's name valued at 225,000.00 with no mortgage; where the family spends most of the school vacation; The furniture in the Family residence is evaluated at 125,000.00$ and is all paid; The furniture in the other secondary house is evaluated at 25,000.00$, with no outstanding debts; For their family use: The Husband drives a Mercedes Van evaluated at 62,000.00$ with an outstanding debt of 25,000.00S; The wife drives a Honda Van evaluated at 45,000.00$ with an outstanding loan of 12,000.00$; o o eo o Albert and Joan use the Z4, when they have an outing without the children; Albert has an RRSP valued at 125,000,00$ Joan's RRSP is valued at 145,000.00$ Albert's different investments and bank accounts are valued at 225,000.00s Joan's different investments and bank accounts are valued at 125,000.00$ Albert is the equal co-owner with two other dentists. Their clinic is evaluated at 600,000.00$ and is located in a commercial building that the 3 own on equal shares, evaluated at 3,000,000.00; Albert dies in a car accident and Joan announces his death in the daily newspaper, Joan has the surprise of her life when Dan presents himself to her and tells her that he is Albert's son. His mom and Albert had an affair during the University graduation and she fell pregnant but never tried to find Albert and inform him of his son's birth. So, when she saw the announcement in the newspaper, she told her son the whole truth because she wanted him to pay his last respects to his deceased sen, late After the funeral, Joan finds in her husband's papers a handwritten document in which Albert awards, upon his death, the quarter of all his assets to his wife and three quarters of all his assets to his children.
Explanation / Answer
1- The will can be called as Holographic Will because it is a handwritten document and with no witness.
2- Total Value of Albert's estate
Immovable property=975,000-95,000=$880,000
Condo in Miami=$225,000
Furniture =125,000+25,000=$150,000
Mercedese van=62,000-25,000=$37,000
Value of Z4= $20,000
RRSP= $125,000
Investment and Bank account= $225,000
Albert's share in dental clinic=(600,000+3,000,000)/3=1,200,000
Total Value of Assets=2,862,000
Name of the heir Amount to be received Joan 1/4*2,862,000=$715,500 Alex 1/4*3/4*2,862,000=$536,625 Sam $536,625 Joe $536,625 Dan $536,625
