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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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BB30 Business Law 5.02 Summer 2013Business LawObjective 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?
  • 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 2013Wills 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 2013Wills 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 2013Wills 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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