19 mason dixon dies on november 30 2011 leaving a valid will the will reads as follo 4307332

19 mason dixon dies on november 30 2011 leaving a valid will the will reads as follo 4307332

19) Mason Dixon dies on November 30, 2011, leaving a valid will. The will reads as follows:

“I leave my boat to my son, George. I leave my automobile to my daughter, Georgia. I leave the income on my estate to be divided equally between George and Georgia. Estate expenses are to be paid from principal, not estate income. All other property, I leave to a trust to care for my wife, Gladys. Any remaining property at the time of her death is to be transferred into a trust to pay college education expenses of my grandchildren until such time as it is used up. I name my wife, Gladys, as executrix of my estate.”

Gladys prepares an estate inventory for all assets discovered and files the appropriate notice to potential creditors on December 15.

Cash$ 90,000

Investments1,200,000

Interest Receivable2,000

Life Insurance Receivable500,000

Residence180,000

Automobile20,000

Boat70,000

Total$2,062,000

A check for interest is received of $5,000, and estate liabilities (such as funeral expenses, administrative costs, and taxes) are settled for $20,000. The will is administered.

Required:

Prepare a charge-discharge statement for the estate of Mason Dixon on December 31, 2011. Assume

"Get 15% discount on your first 3 orders with us"
Use the following coupon
"FIRST15"

Order Now

Related Posts