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 2 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 personal friend to whom he would like to leave his personal assets upon death.

Answer 1

A. Kayla, a recent college graduate with only a few personal assets, all jointly owned with her parents - LETTER OF LAST INSTRUCTIONS (becuase Kayla is not aware of the facts of her finances since all assets are joinbtly owned. This letter will tell her how to dispose off these assets jointly owned by her parents)

B. Justin and Edee, a couple in their 30s with 2 young children. They already have a will that they made when they were first married 10 years ago- before they had their second child.-CODICIL (becuase thet already have a will. A codicil which is an addition to the will can be made to take care of the needs of their second child)

C. Mac, a widowed man living with a close personal friend to whom he would like to leave his personal assets upon death - WILL ( Since he wants to leave behind the asssets to a personal friend, the best way is to write a will)