Estate Planning Financial Literacy

What happens to money and property after you or a family member dies?

Estate Planning will answer that question. But what is Estate Planning you ask? Estate planning is a process that helps plan for the distribution of belonging and finances in the event of a death. An important part of estate planning is a will.

Components of a Will Choosing and naming the executor, or someone who will ensure that your wishes are carried out. An explanation of how your assets are to be distributed, including property, stocks, bond, savings, sentimental items and other assets. A statement that the document is a will. Your signature, made in the presence of at least two witnesses along with their signatures. Identification of guardians for your children, dependents or pets. Identification of who will manage any property you leave to minor children. Define how you would like to handle your social media accounts, and do not forget to leave passwords for those accounts. List of user names and passwords for any online financial accounts.

Directions: Log on to Quia and take Quiz: Risk Management & Insurance 2 Secret word: climbing When finished with quiz, open email from me and open document “Where’s There is a Will, There’s a Way” Complete that document and share with me. It is due tomorrow by start of class. If you finish all above open up http://www.practicalmoneyskills.com/games/ and play either Financial Football or Financial Soccer. These are good reviews for the final.