Question

Which of the following estate planning documents - will, codicil, letter of last instructions, living will - do the following individuals/families need? Explain your rationale.

a. Kayla, a recent college graduate with only a few personal assets, all jointly owned with her parents.

b. Justin and Edee, a couple in their 30s with two young children. They already have a will that they made when they were first married 10 years ago - before they had their second child.

c. Mac, a widowed man living with a close friend to whom he would like to leave his personal assets upon death.

Answer 1

a) Kayla will not need any of these estate planning documents as she owns a few personal assets that are in joint ownership with her parents.

b) Justin and Edee have already made their will before they had their second child. So, they would require a codicil in order to modify their will and include instructions regarding sharing the property with their second child as well.

c) Mac requires a will as he is a widowed man and he is living with his friend to whom he wants to leave his property. A will is necessary here as Mac’s property would be given to his legal heir unless mentioned otherwise in his will.