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Financial LiteracyName: __________________________ Per: _____Chapter 15Writing a WillWhy is writing a will connected to your personal finances? Name at least three reasons:The four most important aspects of writing a will are: Where’s your stuff going to go? ______________________________ Who’s going to get your money? ______________________________ Where are your kids going to go? ____________________________Who’s making sure it all happens? ____________________________We are going to play Mad Libs. Please write an example of each of the following:1) Verb ending with (ing):11) Adverb:2) Job description:12) Business / Company / Charity:Adjective:13) Adjective:Noun:14) Smart Saying:Name of Person:15) Verb:Noun: 16) Noun:Name of Person:17) Noun:Name of Person:18) Location:Disposal Technique:19) Name of Person: Location:20) Name of Person:Last Will and Testament of ______________________(Your name in super-nifty handwriting)KNOW ALL PERSONS BY THESE PRESENTS:That I, _______________________________ of __________________________________, (Print Your Name) (Print Your Address)County of San Luis Obispo, State of California, being of sound and disposing mind and memory, and not acting under duress, menace, fraud or the undue influence of any person whomsoever, do make, publish and declare this Last Will and Testament.Article II hereby declare that my family consists of:(List the names of all of your immediate family members and their relationship to you.)Article III hereby direct and order that all just debts for which proper claims are filed against my estate, and the expenses of my last illness and funeral, be paid by my executor _________________________ as soon after my death is practicable, provided, however, (Print Name of Your Executor)that this direction shall not authorize any creditors to require payment of any debt or obligation prior to its normal maturity in due course.Article IIII direct that all estate expenses, inheritance, and other taxes and interest or penalties thereon imposed by reason of my death, whether or not attributable to property passing under this Will and whether or not the same would otherwise be payable by my estate or by a recipient of any such property, to be paid and discharged by my personal representative out of the residue of my estate with no right of reimbursement for the Recipients named in the residuary clause of the Will.Article IVI give, devise and bequeath unto:(List the names of each person who will inherit any of your assets and what they will inherit.)Present and Future Values-45720202565Calculating Future ValueFuture Value = (Present Value) (1 + R)n What does R represent? What does n represent?What is the future value of $5,000 if it is earning compounding interest at a rate if 5.5% for 15 years?If you invest in a Certificate of Deposit that earns 2% interest over 6 years, how much will it be worth if your initial investment is $15,000?Calculating Present Value-45720482600Present Value = Future Value (1 + R)nWhat does n represent?You inherit a $20,000 government treasury bond that will mature in three years. It is earning interest at a rate of 6% annually. How much money is it worth today? You own a trust account that is earning 7% annual interest. In ten years, it will be worth $45,000. If you withdraw this money today, will there be enough money in the account for a 10% down payment on a house worth $250,000? If so, will you have any extra in the account? If not, how long do you need to wait before you will have the down payment?09525Mad Libs00Mad Libs-3124201270000The Bureau of CommunicationLast Will & TestamentDearest Friends, Family, and Court Officials: In the event that you are reading this, I have departed this mortal coil for the last time. Do not despair. I only hope that I died as I lived, and that you will remember me for 1)___________________ as a 2)__________________. As a reward for being 3)_____________________, I bequest my 4)__________________ to 5)_____________________. Do not take this lightly – know that it is my most valued possession and I wish for you to care for it as if I am still alive inside of it! Give my 6)_______________________ to 7)______________________, and have 8)_______________________ sort out what to do with the rest.One more messy matter – what shall be done with my mortal remains? If even a glimmer of my former radiance shines on, please 9)________________________ my body and place it at 10)___________________________. If this proves too 11)___________________ please donate me to 12)___________________________. I’m sure they will think of something 13)_______________________ to do with me.While I still have your attention, let me share with you this bit of advice: Always14)__________________________________________________________________ and never let anyone 15)_______________________ your 16)__________________________. Also, you’ll find 17)________________________ hidden in 18)_______________________. I always meant to tell you about that, but it never came up.498422420217000I love you all, 3375462539530019)___________________________ Witness: 20)__________________________ ................
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