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Homework answers / question archive / Prompt Barney owns the land and equipment to operate Frugal Farms
Barney owns the land and equipment to operate Frugal Farms. He has not registered his business with the secretary of state.
His wife Betty lives with him on a house on the land, but she is not a co-owner of the land and works in town at the local bank.
Barney has 2 adult children, Tex and Dakota, from a previous marriage that live in different states and have no children themselves. Barney’s parents died in a boating accident last year.
Barney dies unexpectedly in a traffic accident. Barney did not have a will.
• What type of business entity was Barney operating?
• Who are Barney’s heirs now that he has died?
• Who gets the land? What kind of co-tenancy do they have in the land? What interest does each own?
• Who gets the livestock, inventory and equipment? What interest will each get and how will they likely divide it?
Use the intestate succession statute
. Note that “issue of the decedent” are children, grandchildren, etc. “Degree of kinship” is the relation to the decedent—so if they are both children of Barney, they are of the same degree of kinship to Barney.
Try it out and post an answer--then you will be able to see other responses!
One point for a complete original response to the prompt, and/or one point for a meaningful response or follow up question to classmates' posts.
• What type of business entity was Barney operating?
Barney was operating a Sole Proprietorship at the time of his intestate death.
• Who are Barney’s heirs now that he has died?
Barney's heirs would be his two children and his current wife Betty.
• Who gets the land? What kind of co-tenancy do they have in the land? What interest does each own?
According to the intestate succession statute, Barnies' wife Betty would receive one half of the estate interest, and her two step children would receive the other half of the estate interest. likely divided 50/50 on behalf of the children. The three Heirs would essentially be Tenants in common.
• Who gets the livestock, inventory and equipment? What interest will each get and how will they likely divide it?
I believe like the interest in the land, all three heirs would be tenants in common. With Betty having interest in half of the equipment and the two sons having interest in the other half of the Livestock,Inventory, and equipment.
