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BUSINESS LAW Objective 5.02: Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning. BB30 Business Law 5.02Summer 2013.

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Presentation on theme: "BUSINESS LAW Objective 5.02: Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning. BB30 Business Law 5.02Summer 2013."— Presentation transcript:

1 BUSINESS LAW Objective 5.02: Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning. BB30 Business Law 5.02Summer 2013

2 Wills and Estate Planning BB30 Business Law 5.02Summer 2013 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?

3 BB30 Business Law 5.02Summer Oral or nuncupative wills When 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

4 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

5 BB30 Business Law 5.02Summer 2013  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.


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