Rasool and Kelly Are Married and Have Three Children

question 8

Multiple Choice

Rasool and Kelly are married and have three children. Rasool and Kelly own their home together as tenants in the entirety. If Rasool dies intestate, under the laws of most states, who owns the home?

• A) Kelly owns one-half and the children each own one-sixth share of the home.
• B) Kelly and each of the children own one-fourth share of the home.
• C) Each of the children owns one-third of the home.
• D) Kelly owns the home by right of survivorship.

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Definitions:

Articles of Incorporation

Documents filed with a government body to legally establish a corporation, including details like the firm's name, purpose, and structure.

Incorporators

Individuals who establish a corporation by preparing and filing the necessary legal documents with the appropriate state authority.

Nature and Purpose

The intrinsic qualities and the fundamental reasons something exists or is done, aimed at achieving specific goals.

Fiduciary Duties

Obligations one party has to act in the best interest of another when entrusted with care or responsibility, especially in financial matters.