Fred and Mary were married. Fred had executed a will prior to the marriage that left all of his property, both real and personal, to his mother. Fred later died without changing his will. Mary feels that she should be entitled to some of Fred's estate
While waiting for Fred's estate to be finalized, Mary remarries. Mary's second husband executes a will providing for Mary. Later, after Mary and her husband adopt two children, her second husband dies. Mary feels that her children should be entitled to receive something from her second husband's estate. Is Mary and, later, are her adopted children entitled to receive something under the wills?
?Yes. Under certain circumstances statutes provide that a change in circumstances has the effect of a revocation or a partial revocation of a will. When a person marries after a will already has been executed, that person often is entitled to a share of the estate. The amount of the share varies from state to state. It also is commonly provided that the adoption of a child or children after the execution of a will works a partial or full revocation as to those children. Again, the amount of the estate to which the children are entitled varies from state to state.
You might also like to view...
To motivate shopkeepers to stock more of P&G's products, the company launched a:
A) door-to-door program. B) retail store program. C) golden store program. D) hypermarket program. E) sole distributor program.
A company sells 1 million shares of common stock with no par value for $15.60 a share. In recording the transaction, it would debit:
A. Cash and credit Additional Paid-in Capital for $15.60 million. B. Common Stock and credit Cash for $15.60 million. C. Common Stock and credit Additional Paid-in Capital for $15.60 million. D. Cash and credit Common Stock for $15.60 million.
Lack of consideration is the basic distinction between a gift and a sale
Indicate whether the statement is true or false
Secretly working on new ideas on company time as well as on personal time is referred to as
a. skunk works. b. champion. c. bootlegging. d. interactive learning.