Business Law B-Personal LawObjective 5.02 Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning.
Wills and Estate Planning• Will-What is a will and what does it do?
• 1. Testator and Testatrix-What do these terms mean?
• 2. Heirs-Are you an heir? Could you be-or not?
• 3. Requirements of a Will
• a. Capacity-Does this term mean the same as it does in contract law?
• b. Requirements for the State the Will is Written For-What are the requirements for a will in N. C.?
• c. Will must be in writing, properly signed and witnessed
• What does N. C. law state?
Wills and Estate Planning (continued)• d. Oral or nuncupative wills- When are nuncupative wills legal?
• e. Revoking or changing a Will-Once made, can a will be revoked or changed?
• f. 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 (continued)• What happens without a will?
• a. 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
• a. Probate Court-Is probate court a real court or more of a process?
• b. Executor and Executrix- What do these terms mean and who decides or appoints a person to these
positions?
Wills and Estate Planning (continued) Power of Attorney-Why is a power of attorney a good thing to have?
a. Special Power of Attorney- What is the difference between a special power of attorney and just a general power of attorney?
b. Medical Directives- as another form of a special power of attorney, what does a medical directive do?
c. Living Will-What is the importance of a living will?
Trust- Who or what aged person may have a trust?
a. Private Trust-is one that involves individual settlers and beneficiaries.
b. Testamentary Trust- is a trust created by a will. It only comes into use when the person making the will dies.
c. Spendthrift Trust-is a trust that protects the settler’s assets from being spent recklessly by the beneficiary and the beneficiaries creditors
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