Estate Planning (case study) Case Study Example | Topics and Well Written Essays - 1500 words

Estate Planning ( ) - Case Study ExampleThe next important footstep in planning her estates is to know what kind of pull up stakes that is necessary for her situation. By that, it is meant the land ownership, the mortgage and otherwise important details that should be known prior to making out the will. (Estate Planning)The wills that Ursula should be interested in ar Wills for Widows and Widowers because her estate has already been an estate after her husband died. It would also be wise of Ursula to hand a living will. A Living Will tout ensembleows an individual to make decisions about their health conduct in advance in case they ever are incapacitated and unable to do so. (Markesmis and Deakin) Ursulas special concern is that her children will be catered to after her death and both of these wills will ensure that her wishes will be fulfilled.The current state of the keeping is as follows in the estate of Terry, who just died in 2005, all of the property was left to the c hildren, Abby, Ben and Charles, in equal shares, but Ursula remained in possession of the matrimonial home which she had owned together with with Terry up until his death. The outstanding mortgage debt secured against the home is now very small.Since the property has already been willed to the children and has bypast through probate, or will be through it shortly, statutoryly the three children already have the legal rights to the property and it has been deeded to them accordingly. The consideration that Ursula will have to make in her will concerns who will remain in possession of the matrimonial home upon her death. There also remains the fact that a small mortgage exists. (Estate Planning)Ursula has expressed that she would like these stipulations to be present forth concerning her estate that the land will remain unsold until the last of her children shall die, that all(prenominal) of her children shall have the right to reside in the house for part of the year, appoint h er elder brother, Victor, to be the sole independent trustee of the house to ensure fair play at all times and to ensure that Abby, who has a degree in estate management, has responsibility for the day-to-day management of the house.These are all important aspects and it is wise of Ursula to have thought of them. However to ensure that her wishes will be granted she must have this put into writing. It should be done by legal counsel and each stipulation should be written out clearly conveying her wishes and the names that she wants to be included in each part of the estate. A personal representative or executor is the first thing that Ursula should choose. She has already named her brother Viktor as she feels he will remain an impartial party. Having a personal representative or executor ensures that the wishes of Ursula regarding the estate will be carried out. A personal representative or executor of an estate is responsible for making sure that the wishes set forth in the will and estate plan are carried out. (Brinkworth and Gibson) Ursula will also be give the option of choosing an alternate personal representative or executor. The alternate will be responsible if something happens to the superior executor.After the personal represen