Business Law B-Personal 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?

• 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