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What is the difference between a testamentary trust versus a living trust and which advantages there might be with doing this through a living trust?

What is the difference between a testamentary trust versus a living trust and which advantages there might be with doing this through a living trust?

Ch.8

Description

Trusts can provide an excellent way for clients to accomplish family financial goals both during their lifetimes and after death. For this assignment, you will review a scenario about a client who approaches your firm about creating a trust for his grandchildren.

Scenario

Jack Lange schedules an appointment with your firm to create a trust for his grandchildren. Although he is not vastly wealthy, Mr. Lange owns a regional dry cleaning chain that he opened in the 1990s, and he has built a comfortable life for himself and his family. He wants to provide for his six grandchildren. In particular, he wants to encourage them to go to college, live a good moral lifestyle, stay away from drugs and alcohol, and get the funds when they are old enough to make some sound decisions.

Instructions

  1. Review the scenario.
  2. Your supervising attorney has asked you to prep the client for meeting with the attorney for estate planning by explaining to the client the following:
  • Briefly put, what is a trust?
  • What type of trust provisions would you suggest that he might wish to think about and discuss with the attorney and why they might apply to his specific concerns?
  • What is the difference between a testamentary trust versus a living trust and which advantages there might be with doing this through a living trust?

Ch. 10

Clients are often very hostile to the need to go through probate. Especially between spouses, they feel that it is just “money-sucking lawyer leaches” over-complicating the process. Often times paralegals are the first line of communication that has to deal with this hostility so it is very important that you be able to briefly explain why a probate consultation is needed with the attorney.

Find someone to interview who has had a family member pass away that they are very familiar with the estate and legal affairs of, such as of a spouse or parent.

In an original post, answer the following:

  1. Did they go through any probate, and if not, why not?
  2. If they did not go through any probate, what reasons can you give them about why they might need to go through probate?
  3. If they did go through probate of any type, summarize what they say their experience was?

Ch. 11

Description
When working with clients who are making a will and thinking about who to name as personal representative, the paralegal can have a great impact by explaining the duties and importance of a personal representative to the client. For this assignment, you will review a story that describes the role an executor played in mishandling an estate. You will discuss the story with your classmates and determine whether or not the executor of the will correctly performed the duties of a personal representative.

When responding to the discussion questions, be sure to reference course materials to support your conclusions and opinions. You should also do the same whenever you respond to another person’s discussion post. By doing so, you not only make a stronger case, but support your own learning. You will be evaluated on how well you support your claims.

Scenario
Doris Duke, the daughter of the founder of the American Tobacco Company, lived a life of luxury and generosity from the day she inherited her father’s $300 million estate in 1925. When she died in 1993 at 80, her lavishness continued: she left sums between $500,000 and $3 million to her friends, $10 million each to the Metropolitan Museum of Art and Duke University, and even a $100,000 trust fund to her dog. She left the bulk of her fortune to establish a charitable foundation.

Her friend and advisor (and ex-butler), Bernard Lafferty, received a lifetime annuity of $500,000 a year. He was also named executor of the will and trustee of the foundation—positions that would potentially generate millions of dollars in fees. However, in 1995, a Manhattan surrogate ruled Lafferty unfit to continue as executor after he used estate funds to finance his own lavish lifestyle.

Instructions

  1. Review the scenario.
  2. In a discussion post, answer the following questions:
    • What would you say are the 5 basic duties of a personal representative?
    • What factors do you feel a client should consider when deciding whom to select as a personal representative?
    • How can a paralegal help a client in selecting a personal representative?

Ch. 15

Description
When a party does not perform a contract as expected, he is said to have breached. As a paralegal, you’ll encounter lots of clients who are either suing or being sued as a result of a breached contract, and you will need to do research to help determine what justifications there were for the breach and what remedies are available to the other party. In this assignment, you’ll explore one case where a contract was breached in order to determine what will happen as a result of the failure to perform the contract as planned.

Scenario
Chrysanthemum Cupcakes (CCs) has a contract with the local grocery store for baking and delivering cupcakes. The contract calls for 200 dozen cupcakes to be delivered every Monday and Thursday. CCs makes the first delivery, but the next weekend, one of the staff comes down with COVID-19 and half the crew gets quarantined as a precaution, and so they do not have enough manpower to complete all of their orders. They choose to fill the smaller orders and not to fill the grocery store order for the entire week. CCs manager reports to the grocery store that they used their “best efforts,” but they just did not have the manpower to perform that week.

Instructions

    • Consider the scenario above.
    • In a discussion post, answer the following questions about the scenario (with separate paragraphs for each part):

-Do you think CCs gave the grocery store a legally valid excuse? Why or why not? -What excuses might be valid to legally terminate the contract? -What are the potential remedies for the grocery store if CCs’ actions are considered to be a breach of contract?

Ch. 17

Drafting a ContractDescription

There are many different elements that must be part of a contract for it to be legally valid, and as a paralegal it is your job to help determine whether those elements are present in a contract. In this assignment, you’ll explore the requirements for drafting a contract to get a better grasp of what must go into this legal exchange of promises.

Scenario

Your uncle asks for your help in drafting a lease contract with a neighbor who is selling his house and moving into the downstairs apartment in your uncle’s house. He wants to use online contract software, but he’s not sure that it will do everything that is necessary to have a sound contract.

Instructions

  1. Review the required readings.
  2. As you review the scenario above, write a response to your uncle’s request for help. In your response, be sure to answer the following questions in a new discussion post: • What would you explain to your uncle what risks or limitations of using software when drafting the contract? • Describe the steps a lawyer would take when drafting the contract so that your uncle can verify that the software also took those steps. • While this may have been a situation where you were informally assisting a family member, how will you use this information as a paralegal in a law office? • Explain to your uncle why, as a paralegal, you can’t give him legal advice. of contract?

Requirements: MLA | Discussion | 5 pages, Double spaced

 

Subject: Law

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