Question

If Devon died today, which of the following statements is true regarding the transfers made in his will?

		Madi will receive Devon's interest in the Investment Portfolio.
		Elizabeth will receive the proceeds of the life insurance policy.
		James will receive the yacht in place of the house boat.
		Marie may potentially receive Vacation Home 1 as Lynn's rightful heir.

Answer 1

As there is no additional information regarding who is the legal heir and what assets are mentioned on the will, we cannot confirm if James will receive the yacht in place of the house boat as we do not know if he is the legal heir and whether there is an asset like a yacht. On the death of a person, life insurance proceeds will be passed on to the nominee. This need not be mentioned on the will as once the legal heir provides all the details, they can receive the insurance proceeds. We should be concerned only about Devon's legal heir. As Marie is Lynn's rightful heir, this option is out of the picture.

Madi will receive Devon's interest in the Investment Portfolio - This has to be specifically mentioned in the will. So this is the correct option.