Drafting Yourself a Gift Self-Quiz
Your mom Gazilda
asks you, an eminent attorney, to draft her will. This makes you nauseous,
as you could never face the notion that your mom Gazilda is a mere mortal
and might one day pass on. You figure, though, that if you work hard you
could save Gazilda a pretty decent amount of money. As a practicing attorney
you know that these kinds of tasks cost clients lots of money, especially
if an estate is somewhat complicated. Your mom’s estate is, in fact,
rather complicated, given that you have three brothers and two sisters
(two brothers are from Gazilda’s earlier marriage to a plastic cup
salesman she divorced before you were born) and your mom has assets entangled
in far-off places which you have trouble pronouncing. Nonetheless, you’re
a superstar, and you know you can handle the task. One problem –
you realize you stand to take as a beneficiary in the will. Can you draft
the will and include a gift for yourself in it?
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As a celebrated
trusts and estates lawyer, you have handled the estates of the rich and
famous and have acquired a reputation as an exciting, world-traveling
romantic. Older folks, some in their twilight years, seek your services
and your company. One client, Pat Youngin, falls for you sincerely. Pat
wants you to prepare a will, and include a clause stating that you receive
Pat’s precious 30-foot yacht upon Pat’s passing. May you do
so?
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