[Family Dispute] When Leona and Oscar Married, They Both Had

question 38

Multiple Choice

[Family Dispute] When Leona and Oscar married, they both had children from previous marriages. After their marriage, Leona and Oscar purchased a home together as tenants by the entirety and lived there for many years. Oscar died when he was 93 and Leona was 95. Oscar's will left any property he owned to his son, David, who promptly told Leona that she needed to get out of the house. Leona told him to forget it. Leona died a week later. Her will left everything she owned to her daughter, Mina, who moved in the home and refuses to leave. Michelle, who had loaned Oscar $10,000, has filed a claim against any heir of Oscar or Leona, including David and Mina, claiming an interest in the home to satisfy the debt Oscar owed her.
-Which of the following would be the most likely result regarding David's claim to ownership of the house upon Oscar's death?

• A) Regardless of the form of ownership held by Leona and Oscar, David would get the house because Oscar left all his property to David in his will.
• B) Because of the form of ownership held by Leona and Oscar, the will could have conveyed the house to David only if the house was specifically mentioned; therefore, since the will simply referenced property, David would not get the house.
• C) David would get the house as Oscar's child regardless of whether Oscar left it to him in the will.
• D) David would get ownership of the house, but he would have a duty to allow Leona to live there the remainder of her life.
• E) David would not receive the house upon Oscar's death because full ownership immediately passed to Leona.

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Definitions:

LIFO Method

"Last In, First Out" inventory valuation method where the most recent items added to inventory are the first ones considered sold.

Periodic System

A method in accounting where inventory levels are updated in the financial records periodically at the end of a reporting period.

Cost of Goods Sold

The expenses incurred directly from the production of a company's sold products, comprising materials and labor.

Net Income

The income left over after deducting all costs, taxes, and expenses from the total revenue.