What are the basic/general requirements for a valid will

Assignment Help Risk Management
Reference no: EM131374959

Eric and June are partners in their law firm. A new client, Fred, meets with Eric to discuss drafting Fred's will and creating a trust for Fred's multi-million dollar cattle farm. Fred wants to keep control over the farm during his life but wants his oldest son, John, to take over as the trustee when Fred dies. He wants his children to have the farm when he dies and to avoid having the farm pass through probate upon his death. Eric drafts the will and sets up an irrevocable living trust naming himself as the trustee. Further, Eric sets up bank accounts to embezzle money from the trust. Fred incurs significant losses due to Eric's conduct. Answer/discuss the following questions.

-What are the basic/general requirements for a valid will?

-What type of trust should Eric have created to meet Fred's needs? Briefly describe why.

-While Eric will be liable for his criminal conduct, are June and the law firm (as a partnership) also be liable for Eric's conduct? Why or why not? HINT: Consider the relationship of the partners in a partnership and their rights and duties to each other.

Reference no: EM131374959

Value of democratic inputs in business decision making

Identify and research at least two examples of companies that have been impacted by the campaigns of public advocacy groups. What is the value of democratic inputs in busine

Individual approach to decision making

Much has been made of the fact that people don't consistently act with scientific rationality. What is meant byrationality? Consider the three "systematic mistakes" discussed

Do analysts use financial ratios rather than absolute number

Why do analysts use financial ratios rather than the absolute numbers? Besides comparing a company's performance to its total industry, discuss what other comparisons should

Apply vulnerability assessment technique to your enterprise

RSK80004 Introduction to Risk and Due Diligence - The purpose is to demonstrate that all reasonable practical precautions are in place based on the balance of the significanc

What is purpose of the performing qualitative risk analysis

What is the purpose of the performing the qualitative risk analysis process? Compare Cooper's (p. 47) purpose for performing qualitative risk analysis with the stated purpos

What is its cost of common equity

The future earnings, dividends, and common stock price of Callahan Technologies Inc. are expected to grow 6% per year. Callahan's common stock currently sells for $23.00 per s

Identify risk and apply risk management processes

BSBRSK401 - Identify risk and apply risk management processes Review the scenario information contained in the Appendices of this assessment task and identify the internal and

What is lowest amount of money that you would accepting

Imagine that you face the following choice. You can accept a guaranteed loss of $750 or accept a stylized risk. The outcome of the stylized risk is determined by the toss of

Reviews

Write a Review

 
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd