Wills Law Essay
Wills Problem: The Estate of Jackie Kennedy Onassis
1. The overall testamentary plan seems to be that Jackie Kennedy Onassis’ (testator) estate was allocated proportionately to those people she deemed to be the closest to her. Thus, the further away from Jackie via bloodline, the less the person inherited and the less personal the gifts seemed to be. The majority of her real and personal property was left to her children, while friends and other relatives received legacy gifts. Some of the gifts to her friends were very specific (as in question 3), so it is likely that there was some sort of sentimental value between Jackie, the devisee, and the property in question. Whole-blooded relatives received a larger portion than her half-blooded relatives and those related by marriage. Jackie’s children were to also receive the corpus of the martial deduction trust created by President Kennedy, in which Jackie had the power of appointment. Because Jackie left the children real property and the trust, she was trying to make sure that these stayed within the family. Some of the gifts she gave (as in question 3) could be sold or used up, but the real property given to her children and trust of President Kennedy would be more long-term gifts. The trust would also be considered a charitable deduction, so the taxes would be much less. Also, Jackie wanted the estate to pay the taxes so the devisees would not be responsible for the estate and gift taxes. Under intestacy, Jackie’s children would have taken everything since neither her parents nor any of her spouses were still living. This would be true under both Stage 2 and Stage 3 per stirpes rules. Maurice Tempelsman was named as her “friend” and they never married so he could claim any type of spousal exception. Although her children already gain the most under the will, they would have gained even more under intestacy. All the gifts that went to her friends, nieces, nephews, and half-siblings would have all
1. The overall testamentary plan seems to be that Jackie Kennedy Onassis’ (testator) estate was allocated proportionately to those people she deemed to be the closest to her. Thus, the further away from Jackie via bloodline, the less the person inherited and the less personal the gifts seemed to be. The majority of her real and personal property was left to her children, while friends and other relatives received legacy gifts. Some of the gifts to her friends were very specific (as in question 3), so it is likely that there was some sort of sentimental value between Jackie, the devisee, and the property in question. Whole-blooded relatives received a larger portion than her half-blooded relatives and those related by marriage. Jackie’s children were to also receive the corpus of the martial deduction trust created by President Kennedy, in which Jackie had the power of appointment. Because Jackie left the children real property and the trust, she was trying to make sure that these stayed within the family. Some of the gifts she gave (as in question 3) could be sold or used up, but the real property given to her children and trust of President Kennedy would be more long-term gifts. The trust would also be considered a charitable deduction, so the taxes would be much less. Also, Jackie wanted the estate to pay the taxes so the devisees would not be responsible for the estate and gift taxes. Under intestacy, Jackie’s children would have taken everything since neither her parents nor any of her spouses were still living. This would be true under both Stage 2 and Stage 3 per stirpes rules. Maurice Tempelsman was named as her “friend” and they never married so he could claim any type of spousal exception. Although her children already gain the most under the will, they would have gained even more under intestacy. All the gifts that went to her friends, nieces, nephews, and half-siblings would have all