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Part 3: Wills and Testaments 101 - Gather questions on facts
Please post any questions here about the facts of the estate.

Part 1: Gather information - This post. Please post any facts of Joe here that you want to be added.
Part 2: Facts of estate - All facts will be added here.
Part 3: Gather questions - Any questions about the facts can be posted here. - WE ARE HERE NOW!
Part 4: Prepare will - Published will can be seen here.
Part 5: Questions on will - Any questions about the will can be posted here.
Part 6: Prepare estate planning - Published estate planning can be seen here.
Part 7: Questions on estate planning -Any questions about the estate planning can be posted here.

Based on the facts given in PART 1, I have the following questions, please help with providing answers:

What is the current market value of the 2011 GTI?

What was the cost price of his primary residence? The market value is now R1,700,000.

What was the cost price of the 3 bitcoins?

Do Joe have any life policies? Are some of them ceded?

Joe owns a small bakery which he is the sole proprietor off but his brother in law has a 5% ownership -> please explain this a bit.

If you are a sole proprietor, then you own the business and the business is JUST on your name. You can't let somebody else have 5%.

If his brother in law do have 5%, then it is a partnership.

Please explain a bit more. Smile

So, who will inherit what if Joe passes away now. Any spesific suggestions?

Do Joe have any fire arms, and what must happen with them if he passes away now.

If Joe dies now, he want to be cremated and want to use his local AVBOB. The costs for his funeral will be R20,000.

He do have an AVBOB policy and it is worth R10,000.

How old are the 3 kids?

Mary (from 1st marraige), Mark and Scott

Remember Joe is 40 years old now.

Who gets the bitcoins?

Joe also has an RA with Sygnia

Who does that go to?

The GTI 2011 is worth R215 000
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Joe owns a .357 Magnum that should go to his wife.

Joe also owns a .38 special that should go to his sister.
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1 Bitcoin is worth R12,791

So the three bitcoins will be worth R38,373

How does this work in the will? Should the value matter concidering a bitcoin is like a virtual piece of gold or jewelry in that if you leave your wife 1 gold bar she inherits the gold bar although that gold bar's price fluctuates it does not change the fact that she gets 1 physical gold bar.

Please provide me with details how the rest of the assets should be bequethed (inherited)... I will then proceed to draw up the will and estate planning. Smile

(01-18-2017, 12:42 PM)padjakkels Wrote: Do Joe have any life policies? Are some of them ceded?

Joe has a life policy with Momentum

The policy will pay out to his current wife when he dies.
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