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 2013 1.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.