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Wills, Trusts, and Estates

Exam 1 Review
Spring 2015

Estate Planning Process

Defining Estate Planning

Why is Estate Planning Important
Estate Planning Process
Laws Governing Estate Planning
Unauthorized Practice of Law

Property Interests
Real Property v. Personal Property
Legal v. Equitable ownership
Fee Simple, Life Estate, Contingent
Remainders, Vested Remainders
Community Property v. Non-community
Property (when you get a step up in basis
and when you get a double)

Probate Process

Testate v. Intestate
Executor v. Administrator
Probate Property v. Nonprobate Property
Probate Process
Advantages and Disadvantages
Ancillary Probate

Estate Planning Mechanisms

Power of Attorney
Medical directives
Will substitutes
Medial directives
Living wills
Health care proxy/Medical power of attorney
Do not resuscitate order (DNRs)

Powers of Attorney
Powers of Appointment

Types of Wills
Statutory v. Holographic v. Nuncupative
Reciprocal/Mutual Will v. Joint Will
Legal requirements
Ways to contest a will
Undue influence

Elements of a trust
When trusts are used
How trusts are created
How trusts are administered
Choice of trustee
Clauses in a trust
Tax implications of trusts

Types of Trusts

Inter Vivos v. testamentary

Revocable v. Irrevocable
Pour-over trust
Spendthrift trust
A-B trust/Bypass trust
Marital trusts

Pour-over trust
Trusts for minors

2503(b) trust
2503(c) trust

Grantor Retained Interest Trusts

Qualified terminable-interest property (QTIP) trust

Power of appointment trust
Qualifying domestic trust

Grantor-retained annuity trusts (GRATs)

Grantor-retained unitrusts (GRUTs)
Qualified personal residence trusts (QPRTs)

Charitable Trusts

Charitable Remainder Trusts

Charitable Lead Trusts

Unitrusts (CRUTs)
Annuity trusts (CRATs)

Unitrusts (CLUTs)
Annuity trusts (CLATs)

Irrevocable life insurance trust (ILIT)

Qualified domestic trust (QDOT)
Tangible personal property trust (TPPT)
Totten trust