BB30 Business Law 5.02Summer 2013

BUSINESS LAW

Objective 5.02: Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning.

BB30 Business Law 5.02Summer 2013

Wills and Estate Planning

• Will-What is a will and what does it do?• Testator and Testatrix-What do these terms mean? • Heirs-Are you an heir? Could you be-or not?• Requirements of a Will:

• Capacity• Does this term mean the same as it does in

contract law?• Requirements for the State the Will is Written

For• What are the requirements for a will in N. C.?

• Will must be in writing, properly signed and witnessed

• What does N. C. law state?

BB30 Business Law 5.02Summer 2013

1.Oral or nuncupative willsWhen are nuncupative wills legal?

2.Revoking or changing a will Once made, can a will be revoked or changed?3. Family and Spouse Protections Can a family or spouse be protected when their spouse dies whether there is a will or not?

Wills and Estate Planning

BB30 Business Law 5.02Summer 2013

• Intestate-means without a will• Estate Distribution-By State Law-Why it is important to

have a will no matter what your age is.• Probate and Estate Settlement

• Probate Court-Is probate court a real court or more of a process?

• Executor and Executrix- What do these terms mean and who decides or appoints a person to these positions?

Wills and Estate Planning

BB30 Business Law 5.02Summer 2013

Wills and Estate Planning

Power of Attorney-Why is a power of attorney a good thing to have? Special Power of Attorney- What is the difference between a special

power of attorney and just a general power of attorney? Medical Directives- as another form of a special power of attorney,

what does a medical directive do? Living Will-What is the importance of a living will? Trust- Who or what aged person may have a trust?

Private Trust-is one that involves individual settlers and beneficiaries. Testamentary Trust- is a trust created by a will. It only comes into

use when the person making the will dies. Spendthrift Trust-is a trust that protects the settler’s assets from

being spent recklessly by the beneficiary and the beneficiaries creditors.