In the late 1970s, Latafat Tilki, from Turkey, migrated to the United States, where he is now a citizen. A man of many talents and deep foresight, he has built a large fleet of oceangoing oil tankers during his stay in the United States. Now a wealthy man in his 60s, he resides in Aspen, Colorado, with his second wife, Karen, age 50. They have two sons, one in junior high and one a high-school freshman. For some time, Latafat has considered preparing a will to ensure that his estate will be properly distributed when he dies. A survey of his estate reveals the following:
Ranch in Colorado $ 1,000,000
Condominium in Santa Barbara 800,000
House in Aspen 1,500,000
Franchise in ice cream stores 2,000,000
Stock in Google 5,000,000
Stock in Wal-Mart 1,000,000
Stock in Gold Mines International 3,000,000
Other assets 200,000
Total assets $14,500,000
The house and the Gold Mines International shares are held in joint tenancy with his wife, but all other property is in his name alone. He desires that there be a separate fund of $1 million for his sonsâ education and that the balance of his estate be divided as follows: 40 percent to his sons, 40 percent to his wife, and 20 percent given to other relatives, friends, and charitable institutions. He has scheduled an appointment for drafting his will with his attorney and close friend, Gary Ingram. Latafat would like to appoint Gary, who is 70 years old, and Latafatâs 40-year-old cousin, Ceylan Sadik (a CPA), as co-executors. If one of them predeceases Latafat, heâd like Second National Bank to serve as co-executor.
Does Latafat really need a will? Explain why or why not. What would happen to his estate if he were to die without a will? What duties will Gary Ingram and Ceylan Sadik have to perform as co-executors of Latafatâs estate?
In the late 1970s, Latafat Tilki, from Turkey, migrated to the United States, where he is now a citizen. A man of many talents and deep foresight, he has built a large fleet of oceangoing oil tankers during his stay in the United States. Now a wealthy man in his 60s, he resides in Aspen, Colorado, with his second wife, Karen, age 50. They have two sons, one in junior high and one a high-school freshman. For some time, Latafat has considered preparing a will to ensure that his estate will be properly distributed when he dies. A survey of his estate reveals the following:
Ranch in Colorado $ 1,000,000
Condominium in Santa Barbara 800,000
House in Aspen 1,500,000
Franchise in ice cream stores 2,000,000
Stock in Google 5,000,000
Stock in Wal-Mart 1,000,000
Stock in Gold Mines International 3,000,000
Other assets 200,000
Total assets $14,500,000
The house and the Gold Mines International shares are held in joint tenancy with his wife, but all other property is in his name alone. He desires that there be a separate fund of $1 million for his sonsâ education and that the balance of his estate be divided as follows: 40 percent to his sons, 40 percent to his wife, and 20 percent given to other relatives, friends, and charitable institutions. He has scheduled an appointment for drafting his will with his attorney and close friend, Gary Ingram. Latafat would like to appoint Gary, who is 70 years old, and Latafatâs 40-year-old cousin, Ceylan Sadik (a CPA), as co-executors. If one of them predeceases Latafat, heâd like Second National Bank to serve as co-executor.
Does Latafat really need a will? Explain why or why not. What would happen to his estate if he were to die without a will? What duties will Gary Ingram and Ceylan Sadik have to perform as co-executors of Latafatâs estate?
