Please provide a reference list at the end of assignment. No citations are needed in the assignment.
Assessment 1: Will drafting and Letter of Advice
Word Length: 2500 words
Due Date: 5 January 2018 (11 pm)
This assessment has two parts. The first requires you to draft a will to accurately give effect to the testators instructions. For the second part, you need to draft an accompanying letter to your client, responding to your clients instructions and advising on the issues/implications that may arise due to his testamentary wishes.
Use plain English rather than technical legalese. This is consistent with current practice.
The use of schedules is not encouraged.
Disregard any family law, family provision or taxation implications that may arise in this assessment. At most you might write: [t]here are other matters we need to discuss further.
Footnotes are not required.
You are not required to have any detailed knowledge of intestacy.
Frank August is a retired, 77 year old man living in a unit at 6/54 King Street, Fishery Harbour, in the state of New South Wales. Frank has been a long-standing client of the legal firm Josephe, Steph & Co where you recently commenced employment. Frank telephoned the firm to make an appointment informing the receptionist that he has been diagnosed with a terminal illness. He may only have weeks to live and urgently wants his affairs put in order.
You are given carriage of the matter.
When you attend Franks home in Fishery Harbour, Frank strikes you as a very clear-thinking and intelligent man, albeit eccentric in both his appearance and humble surroundings. In conversation you discover the following details:
1. Frank left school at 15 years of age. Despite appearances, Frank is a financially wealthy man. His only liability as at the date of instructions is a small credit card debt of $1,500.00.
2. When Frank was 21, he married Georgette Perrone. The marriage did not last long and they separated after two years together, but Frank and Georgette never divorced. Frank has not seen or had contact with Georgette for at least 40 years, although he is aware that she is still alive, in good health, and living in Syracuse, New York. Frank and Georgette did not have any children.
3. Frank is unsure if he has ever made a will, but thinks not.
4. Frank has one surviving brother, Jeffery, who is 68 years old. Jeffery lives in Bondi, Sydney. His two other siblings, a sister Maria, and another brother, Luca, are both deceased.
5. Frank has five nephews and nieces, Carly, Robert, Antonio, Alexandra and Peter. He also has three great nephews and nieces, who range in age from 6 months to 3 years old.
6. Frank is particularly close to his niece, Carly, who lives nearby, visits him daily, and regularly brings him meals. Last week, when he was informed of his medical prognosis, Frank asked Carly and her partner to visit him. Frank tells you that he wanted to thank Carly for her care and attention by making a gift of his 10,000 Commonwealth Bank shares to her. In the presence of Carly and her partner, he handed to Carly a large envelope containing the Commonwealth Bank share certificates, and told her that he would shortly attend to the necessary share transfers being executed. Frank informs you that the gift will take effect upon his death.
7. Franks assets comprise the following:
His unencumbered home unit at Fishery Harbour, valued at $400,000.
An unencumbered commercial building at Commercial Road, Mosman NSW that he owns as joint tenants with his brother Jeffery. The real property is worth $3 million.
An unencumbered investment unit at Bay Street, Byron Bay, NSW, now valued at $2.5 million.
A superannuation policy with a total death benefit value of $650,000. Frank informs you that the superannuation has a binding nomination in favour of his niece Carly.
Four vintage Mercedes Benz cars worth $100,000 each.
10,000 Commonwealth Bank of Australia shares worth $750,000.
Cash in a savings bank account totaling $24,750.
Personal effects and furniture worth $32,000.
8. His instructions are as follows:
a. His executors are to be his brother Jeffery and his niece Carly.
b. He wants his body to be cremated and his ashes spread in the waters off Fishery Harbour.
c. He wants to give to Carly his home unit at Fishery Harbour, his investment unit at Byron Bay, and his share in the Mosman commercial property.
d. He wants to make a specific gift to his other nieces and nephews, namely Robert, Antonio, Alexandra and Peter, of one Mercedes Benz vintage car each.
e. As to the rest of his estate, it is to be sold up or converted into cash, and distributed in equal shares to such of his great nephews and nieces who survive him and reach the age of 18 years. If a great niece or nephew is to die before reaching 18 years of age, his or her share is to be distributed equally amongst the other surviving great nieces or nephews. Until each child reaches the age of 18, the monies are to be held in trust by the executors.
f. He would also like to make a bequest of $10,000 to the Big Scrub Rainforest Centre.
9. Given Franks poor health, it is imperative that as soon as possible you prepare a will ready for execution together with a covering letter of advice. In the letter, you should identify any potential legal issues regarding the will and/or Franks estate, as well as giving directions as to the execution of the will in the (unlikely) event that you will not be present when the will is signed.
END OF ASSIGNMENT
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