Law Assignments

Chapter 4 Assignment

Chapter 4 Putting It All Together

 

Your office has been contacted by three individuals to form a corporation in your state. The promoters are Lief Pyle, Arnold Prunes and Stan Strait, St. They want to name their corporation Roaring Twenties, Ltd., and will be in the business of land development. In particular, they will be developing a senior citizen theme park, called the Victorian Village, to provide senior citizens with a unique return to a kinder, gentler time where the old values in entertainment can be appreciated without the commercialization of today, A shopping mall, condominiums and single-family homes are also contemplated.

The three promoters will serve as the incorporators and directors and will be the only three stockholders. They plan to contributed $100,000 each for their stock and wish to authorize 100,000 shares with a par value of $100.00. Pyle will be the designated registered agent.

 

Exercise:

 

Prepare articles of incorporation to be filed with the appropriate state agency for the formation of Roaring Twenties, Ltd.

 

Advice: check out the SunBiz website for information regarding the Florida Articles of Incorporation forms.

 

 

Wills and Trust Assignment

We have clients, Ward and June Cleaver, who want to make a Joint Will and a Trust for their children, Beaver and Wally Cleaver. We need to prepare the following documents:

1. A joint pour over will putting the estate into the trust we will be creating;

2. A Trust for their children.

    

To create Joint documents, they must identify both Ward and June Cleaver as testator (Will) and settlor (trust) and use the pronoun We.

Information:

Ward and June Cleaver

1478 Mayfield Drive

Boynton Beach, FL 33568

Children:

1) Wally Cleaver DOB: 6/17/1995

2) Beaver Cleaver DOB: 2/19/1999

Co-Trustees:

1) Eddie Haskell

555 Weiner Road

West Palm Beach, FL 33589

2) Megabank, Inc.

66 Capitalist Avenue

Palm Beach, FL 33879

Property Objectives:

• They want to put a $100,000 bond from Coca Cola into the trust now.

   

• Everything else will go pass to the survivor of June and Ward. On the death of the second spouse, the remaining assets will pass through the will into the trust through the pour over provision in the will.

   

• The trust will be broken into two equal shares – one for each child. Each child’s trust share terminates when the child reaches age 35. The children will receive income until they reach age 35 (this is not discretionary), and then the principal will be distributed to them.

Personal Representative:

They want to serve as each other’s Personal Representative, but for the second to die, they appoint Wally Cleaver as Personal Representative. They appoint Beaver Cleaver as the successor Personal Representative if Wally is unable to serve for whatever reason.

If you have any questions about missing data, please ask under the Ask ?s section for the week.

The Will and Trust are two (2) Separate Documents and must start on two different pages. Neither document should exceed two (2) pages.