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Business Law

Business 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? Testator and Testatrix- What do these terms mean? Heirs- Are you an heir? Could you be-or not?

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Business Law

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

  2. 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 5.02 Summer 2013

  3. Wills and Estate Planning • Oral or nuncupative wills • When are nuncupative wills legal? • 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? BB30 Business Law 5.02 Summer 2013

  4. Wills and Estate Planning • 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? BB30 Business Law 5.02 Summer 2013

  5. 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. BB30 Business Law 5.02 Summer 2013

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