1. Estate Planning Basics

Topics:

• Transmission of wealth from one generation to another – various methods in general (beneficiary designations, joint tenancies, POD, wills, trusts)
• The executor and the trustee: the fiduciaries in charge – what is fiduciary responsibility?
• Decisions to make when preparing estate plans include:
  • How and when are funds made available to beneficiaries?
  • Are there certain ages/stations in life/accomplishments that should be met before funds are available?
  • Who will manage the funds and for how long?
  • Are there specific management requirements desired (e.g., restrictions on investments)?
• Other documents that are part of the “core estate plan” – health care powers, general powers of attorney

2. Will Components: Execution, Provisions, and Probate

Topics:

• Intestacy: What happens if you die without a will or trust?
• How to make a valid will (Witnessed vs. Holographic)
• Execution requirements
• Revoking and amending wills
• Testamentary capacity
• Choosing an executor
• Guardianship provisions
• Should bond be waived for executors?
• What is a “pour over” will?
• Where should a will be kept after execution?
• Wills require probate (brief introduction to the probate process)

3. Trust Components: Execution, Provisions, and Function

• Topics:
  
  
• What is a “trust”?
• How to create a valid trust
• Inter vivos vs. testamentary trusts
• Revocable vs. irrevocable trusts
• Execution requirements
• Revoking and amending revocable trusts
• Testamentary capacity
• Choosing trustees (and successor trustees)
  
  • The role of a trustee
  • Corporate vs. Individual
  • Trustee liability
• Should bond be waived for trustees?
• Where should a trust be kept after execution?
• Trust funding to avoid probate
• Trusts created for privacy purposes

4. Assets Passing Outside the Will

Topics:

• Titling of assets – why it matters
• Joint tenancy with right of survivorship
• POD accounts
• Life insurance
• IRAs, 401(k) and other retirement plans
• Life estates in real property
• Benefits vs. detriments of using these techniques to pass assets without probate
• Small estate exception statutes can be used to avoid probate

5. Understanding the Probate Process

Topics:

• What is probate?
• Probate courts
• The probate process: What to expect, appointment of the executor or personal representative, actions that must be taken, the estate administration process, settling the estate and discharge
• How soon after death do beneficiaries receive their inheritance?

6. Administration of the Revocable Trust after the Settlor’s Death

Topics:

• Formal acceptance by the successor trustee
• Administrative actions
  
  • Obtain taxpayer identification number for the trust
  • Receive assets after probate under pour-over will
  • Receive any life insurance proceeds payable to trust
  • Additional steps: marshal assets, file tax returns, resolve creditor’s claims
• Why disposition of assets under a revocable trust may be preferable to probate
• Why non-pro rata allocation of assets on distribution can be advantageous
• How soon after death do beneficiaries receive their inheritance?

7. Beneficiary Contests to the Will or Trust

Topics:

• Grounds for challenge: lack of capacity; undue influence; mistake; fraud
• No-contest clauses and impact on decision to challenge a will or trust
• The process for contesting a will or trust
• Mediation, arbitration, and trial
• Best practices during planning process to help avoid beneficiary contests

8. Additional Concepts to Complete the Estate Planning Picture

Topics:

• Guardianships – why young people can’t seem to complete their estate plans
• Conservatorships and substituted judgment
• Powers of Attorney
  
  • Durable vs. not durable
  • Springing vs. immediately effective
  • General or limited
• Health Care Powers – “pull the plug forms”
• Exercise of powers of appointment
• Decanting for irrevocable trusts
• Estate taxes: an introduction