Description
Understand the ancillary documents necessary to support the estate plan and the client, including a durable power of attorney, the durable power of attorney for health care, and a living will.
Objectives
- Recognize the process of estate administration in accordance with a decedent's will.
- Distinguish among the various types of wills.
- Identify the type of will used with a revocable living trust.
- Recall an estate planning recommendation that addresses incapacity.
- Determine which assets are subject to ancillary probate.
- Recall when probate is required.
- Identify the estate planning strategy that ensures that a client's assets pass to the client's heirs, rather than to creditors.
Highlights
- Estate planning documents
- Trusts
- Goals that trusts can achieve
- The parties to a trust
- Grantor
- Trustee
- Beneficiary
- Types of Trusts
- Simple trust
- Complex trust
- Inter vivos and testamentary trusts
- Revocable and irrevocable trusts
- Grantor trust
- Charitable trusts