Personal Finance 1st Edition by Jack R. Kapoor

Exercise 8

Using the Internet to Obtain Information about Wills. Visit Metropolitan Life Insurance Company’s Web site at www.lifeadvice.com. Using this information, prepare a report on the following: (a) Who needs a will? (b) What are the elements of a will (naming a guardian, naming an executor, preparing a will, updating a will, estate taxes, where to keep your will, living will, etc.)? (c) How is this report helpful in preparing your own will?

Step 1 of 3

a) Who needs a will:

A “will” can be made by any person above the age of 18 who is declared to have sound memory and mind. A will is required by everyone but especially those who have children. A will states the wish of person, as how his/her property has to be distributed to his/her beneficiaries. If in case a person has children will becomes mandatory because a person can mention about the guardian for his/her children in the “will”. If not the state government will appoint a guardian in case of minor child and the distribution of wealth will not be according to the wish of a person if in case he/she not having a “will”.