A testator properly executes a valid last will and testament that distributes his property as follows:
My house to my sister,
my 1,000 shares of MegaCo stock to my nephew,
my stamp collection to my brother,
$10,000 to my girlfriend, and
the residue of my estate to my mother.
At the time that the testator executes the will, his stamp collection consists of 50 stamps, worth $10,000. Two years later, MegaCo stock splits, giving the testator an additional 1,000 shares. One year later, MegaCo pays a cash dividend of $2 per share of stock, giving the testator $4,000. The testator uses $3,000 to purchase additional stamps and deposits the rest in his bank account.
The testator is babysitting his young nephew when a fire breaks out at the testator’s house, killing the testator. The fire also destroys the testator’s stamp collection, valued at $13,000, and the testator’s house, valued at $250,000. The house is insured for its entire value; the stamp collection is not insured. It is later determined that the testator’s nephew accidentally set the fire while playing with matches.
At the time of the testator’s death, he has $20,000 in cash in his savings account and no other assets other than those already listed.
This jurisdiction follows the Uniform Probate Code.
- What interests do the testator’s sister, nephew, brother, girlfriend, and mother have in the testator’s estate? Explain.