Estate Planning: A Primer for the Law/Business Professional

This course explores estate planning and administration. Specific concepts covered include property ownership, laws of succession, the execution and validity of wills and requirements therefore, the process of probate, personal representatives and estate administration, introduction to and classification of trusts, and tax considerations in estate planning.

We will demystify key concepts and equip you with practical knowledge to understand the process of wealth accumulation, management, conservation, and transfer.

Key topics covered include:

• The purpose and essential requirements for a valid will, including discussion of signing formalities, witnesses, codicils, and how wills can be amended or revoked.
• The critical implications of dying without a will, focusing on the laws of intestate succession and how property is distributed by the state.
• Understanding different types of trusts, including living trusts (revocable and irrevocable) and testamentary trusts, and why they are established (e.g., avoiding probate, asset protection, privacy).
• Examining the probate process and identifying non-probate assets, such as those with beneficiary designations (life insurance, retirement plans, POD accounts) and jointly owned property.
• Exploring the potential for will contests and the factors that may lead to such challenges.
• Highlighting the importance of advanced directives, like living wills and durable powers of attorney, for managing healthcare and financial decisions in case of incapacitation.

Gain a foundational understanding of how to ensure property transfers according to intent, protect loved ones, and appreciate the legal requirements governing estate documents. This course provides essential knowledge for professionals seeking to enhance their expertise or handle estate-related matters with greater confidence.