tutorial notes on Estate Planning

tutorial notes on Estate Planning - Estate Planning Process...

Info icon This preview shows pages 1–2. Sign up to view the full content.

Estate Planning Process 1. Identify and prioritise the client’s objectives 2. Assess current and likely future circumstances 3. Make sure that there is enough fund to meet objectives 4. Assess options and identify obstacles 5. Formulate the strategy 6. Implement the estate plan 7. Ongoing review Method of Ownership 1. Individual ownership 2. Co-ownership – JOINT OWNERSHIP (no estate planning since automatically transferred) AND TENANTS IN COMMON (estate planning) 3. Discretionary trust ownership (access) 4. Superannuation entitlement (no access) ESTATE ASSETS VS NON-ESTATE ASSETS Both estate and non-estate assets will flow on to the decedents. Estate assets are assets which can be put on a will and transferred to the beneficiaries of a will. For example: Individual ownership Tenants in common Superannuation entitlement is a non-estate asset since they do not go to the descendants according to your will. Rather, its transfer is governed by other external rules for example from the trust deed.
Image of page 1

Info icon This preview has intentionally blurred sections. Sign up to view the full version.

Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern