Business Finance Homework Help

It’s our last chance to peek into Tarek’s financial planning as he prepares for his death.

Now that Tarek is married, he wants to make sure that he and his wife have appropriate estate planning documents in place. Right now, neither Tarek nor his wife Samantha have drafted any legal documents. This is a worry for Tarek because he has several wishes he would like carried out should he die or become incapacitated. For example, if he were to die, he would like to be buried in his hometown, which is in another state. Also, if he were to be diagnosed as being in a prolonged vegetative state, he would prefer to be removed from all artificial lifesaving ­measures, except food and water. Additionally, he and Samantha are currently shopping for a new car for her. Tarek is thinking of selling his motorcycle, which is owned fee simple, and using the proceeds as a down payment for the new car. Tarek does not know how to title the new car.

Instructions

Please answer the following questions for Tarek in an attached document or in the box below.

1. If Tarek and Samantha do not write wills and one or both were to pass away, how will the distribution of their assets be decided?
2. How should Tarek notify Samantha of his burial desire? Does Samantha need to follow Tarek’s wish?
3. Who might Tarek name as the executor of his estate?
4. What document does Tarek need to draft to make his wishes regarding incapacitation known?
5. If Tarek names Samantha as his healthcare proxy using appropriate forms, can she direct the hospital or Tarek’s physician to implement Tarek’s incapacity wishes?