This assignment is in three parts:
a. Organize the information: Outline the living trust: what property and name of trustor, trustee, beneficiary. What are instuctions to trustee? When ends? Hard copy
submitted in class.
Outline the will. Who gets what, what trusts created, with elements of trusts and how residual distributed?
b. Living trust and deed. Submit trust only in Safe Assign. Hard copy of both submitted in class.
c. Durable power of attorney, health care power of attorney, living will, will with testamentary trusts. The will only is to be submitted below as indicated in Safe
Assign. Submit a hard copy of the complete assignment in class.
This is attached File:
Attorney at Law
FROM: James H. Foster
RE: Philip Matthews
ENCLOSED HEREWITH THE FOLLOWING:
I received the attached letter from an old time client, Mr. Philip Matthews.
You will need to draft the following documents:
– Living trust for the music organization
– Deed to transfer the trust property to the living trust
– Durable power of attorney
– Health care power of attorney
– Living will
– Will with distributions as indicated in the letter
– The will should have a testamentary trust for Benson and a testamentary pet trust.
– Remember the residual clause in the will
First organize the information in some way that makes sense to you to work off of in drafting the documents. Lists, excel, tables, whatever will get the material
organized. You will prepare a memo on what, if any, additional information you will need to prepare the documents.
You will then prepare the necessary documents. The trust should be done after I have explained that to you. Just remember that since the trust property will be
transferred during Phil�s life, it will not be included in the will.
I am in Greece, taking advanced cancer treatment and I am unable to talk to you now. I am optimistic on my recovery, and plan to take an extended trip after we finish
our business. I will be home soon. I have been putting off getting my affairs in order, but this has been on my mind since my wife Pam died last year. When I get back
I want you to have all the papers ready for me. I have destroyed the will you did for me 20 years ago as it does not apply now, with my wife dead and children grown.
I am concerned about someone making my health care decisions when I cannot. As we have discussed, I do not believe in prolonging life by artificial means, but I do not
want hydration or nutrition withheld. I would like for Diane and then Freda to make medical decisions for me. Other than the water and food thing, they should not be
Benson�s health is getting worst. He is living at home and I am paying for full time nursing.
I have been fortunate and have a very valuable real estate investment. I have come to like gospel music and I want the profits from the building to go to the charity:
�the Organization for the Preservation of Gospel Music�. If that organization goes, Grier should decide where the profits should go for a similar purpose. We might as
well set that up now. I want Grier to take care of this for me, but I want to stay involved as long as I can. The business bank account should be used for expenses
related to the building. After 20 years, I want the property to go to Central Piedmont Community College, where I took my first banking class. If something happens so
that the building is not making a profit, it should be sold and the money put in another investment for the purposes above.
You already know my family:
-Anne Matthews, 21, daughter, not married, no children
-Bill Matthews, 28, son, married, two children
-Benson Matthews, 25, son, not married, no children
-Diane Smith, age 32, daughter, married, one child
-Raymond Matthews, age 32, son, I don�t know if married
-Freda Jones, sister who is 2 years younger than I am
-Grier Matthews, my older brother
-Sparky, the beagle that my wife gave me
All I own is in my name only:
Real estate investment consisting of a fully paid for 6 story commercial building in NoDa at 10666 North Davidson Street.
Family residence located at 1834 Queens Rd, Charlotte, NC
Vacation Beach house and extra lot on Holden Beach, worth about 3.6 million.
Stock portfolio with Market share investment valued at $823,000 now.
Pension benefits payable on death from the Bank of America, of $100,000.00. My estate is the beneficiary.
Several bank accounts at that Bank. $30,153.00 in personal savings, 10,000 in checking, and 80,000 in business checking (related to investment property)
2008 Lagoon 440 Catamaran sail boat
Antique furniture, consisting of a large high boy and dining room furniture.
2014 Land Rover Range Rover supercharged 5 liter V-8
1993 Lotus Esprit
A Fender Artist Series Eric Clapton Stratocaster Electric Guitar
I, of course have some other personal property, including the furnishings in my home.
When I die, Benson should be able to live in the home, until his death. My antique furniture should go to Anne. My musical instruments will go to Bill. Freda should
have the jewelry. My brother will have the Lotus. The stock will be equally divided among Anne Matthews, Bill Matthews, Diane Smith, Freda Jones, and Grier Matthews.
The rest of what I have should be sold, when I die, except for my home and furniture which should be held for Benson. 25% of the proceeds are to be divided equally
among my children, except for Benson and Raymond. I am very sad to tell you that Raymond is a member of a cult and I not seen him in years. I do not want him to take
anything at my death. $25,000 is to be used for the care of Sparky. Anne has always liked him and will take good care of him. She should have $25,000 for her trouble.
The rest of the money will be held and used for Benson�s needs, if I die before him. Grier and then Diane should take care of the house and money for Benson. I want
them to put the money into a very safe investment. When Benson dies, the house and whatever money that was not used for him will go to my children living then (or
their children), but not Raymond.