Kings College CH51 Wills Trusts and Estates Law of Commercial Transactions HW

LAW OF COMMERCIAL TRANSACTIONS

Project : Wills, Trusts, and Estates

As his attorney, your client, Ernie Entrepreneur, now seeks your advice on estate planning. Ernie has been operating his business successfully now for about two years, and is concerned as to what will happen to the business and to his personal assets were he to die.

Ernie has a spouse and a one-year old son, Ernie Jr. If Ernie, Sr., were to die, can he provide continuation of the business for the benefit of his workers, etc.? Would his spouse and son be provided for from the business? What about the business loans? Who would have to pay them? What if both Ernie and his spouse die simultaneously, leaving their minor son? Who would be legally responsible and provide for him?

Please advise your client as to the following:

1-Wills

2-Trusts

3-Powers of Attorney

4-Administration of Estates

5-Business succession options

What additional information would you need from your client to properly advise him?

Please submit to Professor Beier by the due date, a typed, double-spaced copy of your recommendation for your client, Ernie Entrepreneur. Be Complete!!!!

Wills, Trusts, and Estates Unit Directions:

1. Read the material on Wills, Trusts, and Estates in our textbook in Chapter 51.

2. View the following six (6) videos:

a. Wills, Trusts, & Estate Planning Fundamentals

b. Estate Planning 101

c. Will Review: Wills, Trusts, & Estates Class

d. Wills & Trusts Approach

e. Trusts 101

f. Trusts Review

3. After reading the material in our textbook and viewing the videos, please complete the Project on Wills, Trusts, and Estates (worth 20% of your course grade) the instructions of which are attached to this email and posted on Blackboard. This project again assumes you are in the role of a business lawyer. This time we will take your client, Ernie Entrepreneur on another legal adventure in this project.

Ernie has been in business for several years and is now enjoying quite a bit of success. His business is growing and so is his family. He is now married with a son, Ernie, Jr. These family responsibilities have caused Ernie to contemplate what would happen to his business and to his family if he were to die. Should he be putting some documents in place to plan for this? What documents would those be and what should be included in them? What would happen to his son if both Ernie and his wife were to die at the same time? How can he protect Ernie, Jr., in that event? What about Ernie, Jr.’s, finances? Would he get any money? If Ernie, Jr., is young when his parents both pass, who will handle Ernie, Jr.’s, finances and who will take care of him?

Ernie Entrepreneur again seeks your help in guiding him through this strange and frightening world of estate planning. Please counsel Ernie on what is available and what, in your professional opinion, would be best to meet his needs. Use the applicable chapter in our textbook and the videos as a reference in advising Ernie. Do a good job. Ernie and his family are depending on you!!

Professor Beier