BIOM 121 1nd Edition Lecture 11 Outline of Last Lecture I Cyber Law II Intellectual Property III Landlord and Tenant Law Outline of Current Lecture I Estate Planning II Insurance Current Lecture Estate Planning You can control what you have in life after you die You can make sure your things end up in the hands you want them to In every state there are different laws covering what you do with your property after you pass If you don t put it in your will then the state takes over with certain laws on how to split it up Executor the person you leave in charge of your will To write a will have to be 18 have to be sane and can t be under the influence have to have witnesses to your will the will can be changed any time Holographic will a hand written will but only valid in certain states Nuncupative oral will valid but need witnesses Spouse and Children share Spouse almost always gets most of everything unless they say they want to be disinherited These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Children cannot disinherit children unless you state it in the will that you do not want to leave them anything Have to at least mention them or government will assume you forgot about them Per Stirpas can leave uneven shares to people Per Capita leaves everyone equal amounts Trusts good instruments for taking care of family kids etc allows you to set up management of assets that will take care of friends and family whenever you choose them to receivable Also good for chilling assets Insurance Car Insurance should always keep updated and keep deducible low Life Insurance pretty useless insurance Term vs whole life Term only for a term and must be renewed Whole Life building equity in the policy Health Insurance has been discussed in previous lectures