Please answer these two questions below.
Jack and Jill are married and have two children, Di and Jane. Jack and Jill live in New Mexico. At the time of Jack’s death, Jack and Jill had the following assets:
Joint bank account $10,000
Stock account owned by Jack and Jill titled jointly as tenants in common $1,000,000
Jack’s IRA naming Jill as the beneficiary $750,000
Primary residence owned jointly by Jack and Jill with right of survivorship $300,000
Mutual fund account owned by Jack’s revocable trust $450,000
1. What is the value of Jack’s probate estate?
2. For each of the remaining assets, state how they will be passed & to whom:
Bank account _________________________
Jack’s IRA _________________________
Residence _________________________
Mutual fund acct_________________________