Presentation on theme: "Business Law B-Personal Law Objective 5.02 Understand Retirement Planning, Death Benefits, Disability and Wills and Estate Planning."— Presentation transcript:
Business Law B-Personal Law Objective 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