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Barbara Williams_PLA2600-2_Unit 1 Homework

Barbara Williams_PLA2600-2_Unit 1 Homework - Examples would...

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Unit 1 Homework Barbara Williams Wills, Trusts and Probate PLA2600-2 Professor Jarrod Turner Due Date: January 23, 2010
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1. What are the arguments for and against putting funeral directions in a will? When a person includes their funeral arrangements in their will it provides the executor and others with a piece of mind. They know exactly what the person’s wishes are and what steps he/she would want to be taken. By putting funeral arrangements into a will it could work in reverse by placing more pressure to follow through with the person’s wishes if they are unattainable or not cost effective. There are also times when the request is overlooked or maybe not known until after the funeral or arrangements have occurred. 2. What are non-probate assets? Provide examples. Non probate assets are assets that pass to heirs without the requirement of being distributed via the legal process and are considered as being outside of the court’s authority.
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Unformatted text preview: Examples would be life insurance, pay-on-death accounts, living trusts and joint tenancy with survival rights. 3. What are fixtures? Fixtures are items that are permanently attached to land or buildings such as a bathroom sink. 4. What is the difference between a joint tenancy and a tenancy in common? A joint tenancy is when two or more people own property together and have equal interests in the property as well as rights of survivorship. Tenancy in common is when two or more people do not share the equal right of possession and also do not have survival rights. 5. What is the difference between tangible and intangible property? Provide examples of both. Tangible property is property that can be touched such as jewelry, animals, clothing. Intangible property is property that is represented by symbol and can be touched such as a copyright, a checkbook for a checking account, stock certificates for stock shares....
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