Instructions: Read Case 52-3, , In Re the Estate of Charles Kuralt
Do you think that Shannon should prevail in her claim for part of Kuralt’s estate? Why or why not? How does this case illustrate the importance of having a clear estate plan when there are joint interests in a family business and property?
Solution
Re The Estate of Charles Kuralt
Shannon should not prevail to her claim
in regarding the estate of Kuralt. This is because Petie is the real wife and
thus she is entitled as the foremost inheritor of the greatest portion of the
estate of the Kuralt. On the other hand, Shannon who was a secret companion
just relies on the designed letter written on June 18, 1997, over the inheritance
of the property of Montana. The claim of Shannon regarding the property of
Montana is weakened by the formal will of Kuralt written on May 4, 1997, which
asserted the dedication of all his property to his wife Petie.
Since the underlying agreement on
the ninety acres that was along Black Hole River was to be effective as from
September 1997, Shannon has no also valid claim to that rather the death of
Kuralt invalidated the consummation of sales. Moreover, in the letter of Kuralt
on June 18, 1997, he says that his wife Petie will have the entire mandate to
inherit the property in MT by letting the lawyer visit the hospital so as to
ensure she inherits the rest of the place in MT.
Importance of having a clear Estate Plan
Estate planning sum to a practice that involves conservation, accumulation and property accumulation (Clifford, 2015). An estate plan that is more effective not only guards the people whom the owner of the estate loves but gives merits to the tax processor in the midst of his lifetime. In the case, it portrays a significant of a plan of an estate through disclosure of valuation of Kuralt by Shannon in inheriting the property of Montana. Through this, it depicts that Kuralt has a vital judgment for both lovers basing in the inheritance of his estate.
A clear estate plan also ensures that the run business and assets of a family within the business are moved to the people intended at the appropriate time.
References
Clifford, D. (2015). Estate Planning Basics. Nolo.
In re Estate of Kuralt, 98-582 (Supreme Court of Montana February 11, 2000).