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Business Law B-Personal Law

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?

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Business Law B-Personal Law

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  1. Business Law B-Personal 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? • 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?

  3. 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?

  4. 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?

  5. 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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