In her will, Ida left to Emily - $50,000, to Mark - a boat, and to Kate - $20,000 which must be paid from the proceeds after the sale of Ida's General Motors stock. Ida gave Emily $20,000 with the intent that such payment is in lieu of the legacy. Ida's boat has been destroyed in a storm, and Ida sold her General Motors stock. Discuss what legacy Ida left to Emily, Mark, and Kate, and what they received after Ida's death.
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Q51: Match the terms with their descriptions:
-Adeemed
A) One
Q52: Match the terms with their descriptions:
-Predeceased
A) One
Q53: Match the terms with their descriptions:
-Pecuniary gift
A)
Q54: Match the terms with their descriptions:
-Codicil
A) One
Q55: Match the terms with their descriptions:
-Revocable
A) One
Q56: Match the terms with their descriptions:
-Slayer statutes
A)
Q57: Define a codicil. Explain its purpose and
Q58: Define a legacy and a devise. Explain
Q59: Identify ademption, an ademption by satisfaction, and
Q60: In her will, Nora, an Indiana resident,
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