1. Prepare Your Will! If you die without a valid will, the laws of your state will determine what happens to your property. That may be fine with people who have few assets, but its not okay for people who care what happens to their property, and its certainly not okay for people with dependents. In this project, youll consider what your current Will should contain and what changes you should make to your Will based on your future circumstances. Look back through Chapter 15 and review the standard features of a Will. Then write your own Will, based on the sample clauses and examples of a representative Will given in the text. List the property that you currently have, or expect to have soon, and name a beneficiary for each. Be sure to appoint your personal representative, and charge him or her with disposing of your estate per your Will. If you have children or expect to have children, or if you have other dependents such as an elderly parent or a disabled sibling, be sure to name a guardian and a backup guardian for them. Also, prepare a letter of last instructions to convey your personal thoughts or instructions that are not adequately addressed in your Will. Remember, this exercise should help you think about the orderly disposition of your estate, which is the final act in implementing your personal financial plans.

2. How affordable is life insurance? Obtain a quote for $100,000 of term life insurance for 10, 20, and 30 years. Copy and paste the information into a Word Document.

Write a 1-3 paragraph analysis of

• the cost of the life insurance, compared to what you may have expected it to be,
• how likely are you to purchase life insurance for yourself, and in what amount, for what term, based on the information discussed in this course

There is no right or wrong answer to this section of the financial plan. Just a quote and your personal opinion.