ADMS 3541 Quiz: Assignment 2

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Without the will, there are several actions that the clients should consider taking to ensure her estate planning wishes will be fulfilled: inter vivos trusts. Recommend client to establish inter vivos trusts during her lifetime. By establishing a trust, she could prepare to provide financially care for her three children and spouse1. As well as to safeguard her property and assets for her beneficiaries and provide lasting donation on charities and other organizations. She can transfer some asset to a trust while still have the control over the asset. The asset will be held for the benefit of selected beneficiaries (children or spouse). If the client is at least 65 years old and no other person is entitled to the trust income during her lifetime, the trust will become an alter ego trust which could be used as substitute for a will.

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