Objective
- Understand how creditors’ claims impact a beneficiary’s claims
- Understand the key provisions in a will or trust
- Understand the duties of an executor or trustee in relation to beneficiaries and other third parties
- Identify trusts, wills, and other documents encountered, & their uses
- Understand the stages of an estate administration including costs, collections, payment of debts/taxes, & distribution to beneficiaries
- Be aware of the duties a fiduciary and members of the estate planning team owe to creditors, beneficiaries, and the courts
Highlights
- Issues involved when settling an estate – marshaling of assets, payment of creditors, & distribution and accounting to beneficiaries
- Explaining the needs and limitations of durable powers of attorney, health care directives, and living wills
- Why a will is probated, and on what grounds it may be challenged
- Comprehensive checklists on how to read a will, duties of an executor and trustee, and much more
- Identification and report of estate assets
- What to do and what not to do as a fiduciary, executor, or trustee – duty of care, investment, informing, payment of debts and taxes, & defending a will contest
- How executors and trustees interact with beneficiaries
- Elective shares, and when a spouse might make that choice
- What a trustee needs to know about incompetents and minors
- Rights of creditors, third parties, and beneficiaries
- Key issues in transferring property to a trust and from a trust or estate to a beneficiary
- Identifying income, estate, and inheritance taxes
- Fiduciary accounting – principal and income concepts
- An introduction to drafting an account, and why it is relevant
- Administration of revocable trusts
- Estate basis reporting
Designed For
Accounting and Financial Professionals who wish to assist in settlement of an estate, regardless of sizePrerequisite
NoneAdvanced Preparation
None