Description
Purpose of Assignment: This assignment enforces the ability to differentiate between and summarize property and estate planning and processes.
Course Competency: Explain the basic laws pertaining to property and estate planning.
Instructions:
Content:
- The firm’s client, John Waterville, would like to dispose of two pieces of land. He would like to transfer one piece of property to his son before he passes away, and one after he has passed away. He would like the transfers to be as simple as possible for his son while minimizing cost. He has never dealt with transferring property and would like to know about the various options for transferring the properties to his son. Your supervising attorney has asked you to prepare a short legal memo to the client to explain and compare the following:
- Explain the process of transferring property to John’s son now
- Explain the process of transferring property to John’s son through a Transfer on Death Deed
- Explain the process of transferring property to John’s son through the use of a will or trust
Format:
- Your legal memo should be 1-2 pages in length, with at least three references formatted according to Bluebook standards.
- Your legal memo should contain the following sections:
- Heading or Caption
- Facts
- Issue(s) Presented
- Answer to Issue
- Reasoning or Discussion
- Conclusion
Explanation & Answer
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Transferring Property Memo
Name:
Institution:
Date:
1
MEMORANDUM
TO: John Waterville
FROM: Attorney, Property Transfer
RE: Property Transfer Laws
DATE:
Land Property Transfer Facts
Property transfer involves change in ownership from one party to another. Majority of
these transfers take place after the original owner’s death, where the will or trust names the
beneficiaries to the properties. The transfer can also be effected before the owners’ death,
through different legal means such as gifting and drawing of a new deed to include the
beneficiary. Choice of means of transfer is based on the owners’ convenience, and the need to
make the process simple, avoiding the expensive and long probate procedures. Legal ownership
of properties is required in accordance to state laws, making proper transfer an absolute
necessity.
Issue Presented
The firm’s client, John Waterville, would like to dispose of two pieces of land. He would
like to transfer one piece of property to his son before he passes away, and one after he has
passed away. He would like the transfers to be as simple as possible for his son while minimizing
cost. He has never dealt with transferring property and would like to know about the various
options for transferring the properties to his son.
This memo explains the process of transferring property to John’s son now, the process
of transferring property to John’s son through a Transfer on Death Deed, and the process of
transferring property to John’s son through the use of a will or trust
Transferring property now
This can be achieved by several legal processes including:
Giving Out as Gifts- the simplest way to hand over property to your child is simply by
transferring ownership. Here, you simply change the deed on the land so your son becomes the
new owner of the property.
Creating a New Title Deed- you may change the deed to the land so that you a...
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