Fred and Mary Were Married

question 34

Essay

Fred and Mary were married. Fred had executed a will prior to the marriage that left all of his property, both real and personal, to his mother. Fred later died without changing his will. Mary feels that she should be entitled to some of Fred's estate. While waiting for Fred's estate to be finalized, Mary remarries. Mary's second husband executes a will providing for Mary. Later, after Mary and her husband adopt two children, her second husband dies. Mary feels that her children should be entitled to receive something from her second husband's estate. Is Mary and, later, are her adopted children entitled to receive something under the wills?

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Definitions:

Trade-In Allowance

An amount credited to the buyer by the seller for a trade-in, which is applied to the purchase price of a new item.

Accumulated Depreciation

The total depreciation for a fixed asset that has been charged to expense since that asset was acquired and made available for use.

Cash Price

The price of an item for immediate payment, as opposed to a higher price when paying on credit.

Productivity

A measure of efficiency, typically defined as the output of goods or services produced per unit of input, such as labor or capital.