Modern Estate Planning (MEP) – Module 1
This course provides attendees with a foundational understanding of the estate planning needs of the modern individual who today is wealthier and lives longer than ever before, well-travelled and likely to own his own business at some point in time.
In this foundations course, we look at what estate planning is and introduce a fact-finding process to help families plan for their future generations. The three most essential documents in every estate plan – the will, trust and LPA Form 1 -, will be discussed in detail.
The use of insurance as a tool for funding the estate for various purposes is explored at length. Whether used to enhance an estate, to equalize gifts to children or to provide liquidity on death, insurance is a foundation of every well-conceived estate plan.
For wills, we will examine how different assets and liabilities can be gifted. For trusts, we focus on the 3 structures that meet the needs of most families – will trusts, insurance trusts and standby living trusts.
Attendees will gain practical knowledge from actual case studies to guide their clients in their estate planning as well as enhancing their core financial planning practice. The trainers are not only accomplished estate planning practitioners in the legal, financial and trust industries but are excellent at simplifying and communicating technical content.
Course Objectives and Outcomes
- To understand the estate planning needs of individuals and families in our modern times
- To grasp the fundamentals of the 3 essential documents in any estate plan – the will, trust and LPA Form 1
- To be able to use a fact find to provide holistic advice for clients regarding wills, trusts and estate liquidity
- What is Modern Estate Planning?
- Wills Planning
- What if no Will?
- Persons in the Will
- Testamentary freedom
- Dealing with various assets – insurance, bank accounts, properties, digital assets
- Trusts Planning
- Types of Trusts
- Will Trusts
- Insurance Trusts
- Standby Living Trusts
- Last Power of Attorney (LPA) Form 1
- Importance of LPA
- Choosing donees Registering the LPA