What is a Will?

Teacher Lesson Plan

A will is a legal document that gives direction to your family
regarding how your assets, such as your house, savings
account or paperweight collection would be divided when
you die.

A will also names a guardian for your children, a trustee to
manage their money and an executor to close all your accounts,
pay any bills and taxes.

 

Who Benefits?

Upon one's death, their spouse, by law, must receive a
share of the deceased estate. Depending upon the state that
you live in, a surviving spouse is entitled to half of the community
property (houses, money, cars), regardless of what your will
says.

In some cases, a spouse may willingly consent to not receiving
their portion of an estate. This may take place for a number of
reasons, including a pre-nuptial agreement.

 

Generally, it is legal to disinherit a child. However, if it appears
to be unintentional, such as a child being born after a will is written,
the child may contest the will in court.

 

What is considered a legal will?

 

For a document to become a recognized "will" it must meet certain
criteria.

• It must have been written by a person of sound mind (being able to
  understand what is going around them).
• The document must say it's your "will".
• It must signed and dated by the person.
• It must also be signed by two, if not three persons stating
  that you have signed your will. They cannot benefit
  from your estate.
• It should be notarized that you signed the will.

 

What happens if you die without a will?

If you die without having a will in place, the court will determine
which way your money and assets are dispersed.

The court may determine who and how much each person will
receive, based upon your relationship to the deceased.

 

What is probate?

When you do not have a valid will, the probate court will decide
who and how much each person or entity will benefit from your
estate.

 

How long is a will valid for?

A will is valid forever, or until it is changed by you.

What types of property are not covered by a will?

 

Some types of property are not covered within a will. Life Insurance
and Retirement Plans are given to the beneficiaries named within
those respective plans, regardless of what your will states.

 

Property owned as joint tenants also is not covered. If you
own a business, car, house or investment account opened
with another person as a joint tenant, that people will inherit your
share of the property, regardless of what your will states.

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Lesson Plan on Wills

 

Create a Class Will

Goals:

• To teach children how to identify assets
• To teach the basic concepts of developing a will

 

Time: 60 Minutes

 

Overview:

Children in your classroom will make a list of all the tangible
assets (chalk board, desks, chairs, book, lockers, etc).

Using the list of assets available, each child will develop
a "will", in which they will list the available assets and to
whom the wish to receive them.

 

Directions:

Step 1.

Using the chalkboard, make a list of the all the classroom
assets (items of value). To develop this list, the children
should brainstorm together.

Step 2.

Identify with an asterisk the top 10 assets that the students
wish to give to the students in the class below them.

Step 3.

Have each student write the list of the top 10 assets on
a separate piece of paper. Next to the asset, have each
student write the name of another student (younger) who
they would like to have that item, when they move up to
the next grade.

Step 4.

Review each item with the entire class, randomly ask
individual students who they gave an item and why?

 

 

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Timothy Liptrap
Vice President, Education and Development
 

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