Administering a deceased estate Robert Monahan | Consultant 13 June 2014.

Slides:



Advertisements
Similar presentations
Revocable Living Trusts
Advertisements

Estate Planning Presented By: Ben Reale, CFP. What is estate planning? Enables your wishes to be carried out after you are gone Can ensure your interests.
ESTATE PLANNING 101: A BEGINNER’S GUIDE TO PLANNING FOR YOUR FUTURE.
Everything you need to know about Family Trusts. Parties to a Trust Settlor Trustees Beneficiaries PART 1.
Copyright ©2004 Pearson Education, Inc. All rights reserved. Chapter 20 Estate Planning.
Financial Planning. Agenda Start time: ____ Break time: ____ (10 minutes) End time: ____ Please set phones to silent ring and answer outside of the room.
1 PREMIER WILLS & TRUSTS MAXIMISING THE EFFICIENCY OF YOUR WILL Members of the Society of Willwriters.
1 (of 23) FIN 200: Personal Finance Topic 23–Estate Planning Lawrence Schrenk, Instructor.
Chapter 20 Estate Planning. Copyright ©2014 Pearson Education, Inc. All rights reserved.20-2 Chapter Objectives Explain the use of a will Describe estate.
People’s Law School A simple overview of estate planning Roberta P. Clark Attorney at Law Fallbrook, California (760) Web page:
Eileen St. Pierre, Ph.D., CFA, CFP® Personal Finance Specialist Oklahoma State University ESTATE PLANNING.
Chapter 10 The Personal Representative. Wills, Trusts, and Estates Administration, 3e Herskowitz 2 © 2011, 2007, 2001 Pearson Higher Education, Upper.
Estate Planning Protecting your family’s future. Definitions  Your estate consists of what you own at your death  Your estate plan is a blueprint of.
Post Mortem Tax Elections Checklist Chapter 21 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 Decedent’s Final.
Estate Planning Seminar Ian Lewer Director Planned Giving Dalhousie University.
Essentials Of Business Law Chapter 24 Wills, Intestacy, And Trusts McGraw-Hill/Irwin Copyright © 2007 The McGraw-Hill Companies, Inc. All rights reserved.
Legal Readiness Brief Staff Judge Advocate 180th Fighter Wing Swanton, Ohio.
COPYRIGHT © 2008 by Nelson, a division of Thomson Canada Ltd Chapter 13 – Preserving Your Estate.
Stock Market Analysis and Personal Finance Mr. Bernstein Estate Planning and Taxes, pp June 12, 2015.
Chapter 9 Administration of the Estate. Initial Responsibilities Arrangements for the Funeral Notifying Relatives and Close Friends Protect and Preserve.
The Importance of Estate Planning. WHAT IS ESTATE PLANNING? An estate is all property and assets owned by an individual or group During your working years,
© The McGraw-Hill Companies, Inc., All Rights Reserved. Irwin/McGraw-Hill 19-1 C HAPTER 19 Personal Finance Estate Planning Kapoor Dlabay Hughes.
Purdue University is an equal access/equal opportunity institution Getting Ready for Estate Planning Putting the Pieces Together.
Attract & Retain Your Employees Build & Preserve Your Business Protect Your Family Larry Ricke and Mike Ricke are registered representatives offering securities.
Wills Workshop Surveys indicate around 65% of the adult population in England and Wales have NOT made a Will.
Role of the Executor Shepherd's Care Foundation Presented by Robert K. James, CFP | Senior Financial Advisor ATB Investor Services October 30, 2014.
Dr. Steven Hays Personal Finance BKHS.  Explain the use of a will  Describe estate taxes  Explain the use of trusts, gifts, and contributions  Introduce.
Estate Planning: Saving Your Heirs Money and Headaches.
It’s Your Money! Week 3 & 4: Financial Planning. What is Financial Planning? A PROCESS not an event Balances today’s needs with goals for the future Analysis,
© The McGraw-Hill Companies, Inc., 2004 Slide 19-1 McGraw-Hill/Irwin Chapter Nineteen Accounting for Estates and Trusts.
STRATEGY FOUR Trust Distributions Tax Planning Strategies for 2015.
R.S. Kane Funeral Home | | 448 Valridge Drive, Ancaster, ON L9G 0B2.
Chapter 11 Estate Administration. Wills, Trusts, and Estates Administration, 3e Herskowitz 2 © 2011, 2007, 2001 Pearson Higher Education, Upper Saddle.
CHAPTER 23 ESTATES AND TRUSTS. FOCUS OF CHAPTER 23 The Role Accountants Play in Estate Planning Principal Versus Income Accounting for Estates Accounting.
Estate Administration Fillmore Riley LLP Anita L. Southall.
Estate Planning.  Estate: the assets of a deceased person after all debts are paid  Estate planning: the act of planning for how your wealth will be.
Executor’s Primary Duties Checklists Chapter 14 Tools & Techniques of Estate Planning Copyright 2011, The National Underwriter Company1 Estate Duties (Chapters.
Helping Queenslanders since /11 Seminar program Estate planning, Wills and legal matters.
 2004 McGraw-Hill Ryerson Ltd. Kapoor Dlabay Hughes Ahmad Prepared by Cyndi Hornby, Fanshawe College Chapter 15 Estate Planning 15-1.
Islamic Will Writing Islamic Will Writing (Wasiat)
Two Estate Planning Strategies. What is Estate Planning?  Structuring a person’s legal and financial affairs so that, at death, his or her assets will.
IMPACT OF COMPANY INSOLVENCY ON PENSION SCHEMES CCAB-I ANNUAL INSOLVENCY CONFERENCE Jerry Moriarty20/9/05.
Upon a person’s demise … Distribute Assets to Beneficiaries TESTATE (With A Will) Apply For Grant of Probate Apply For Letter Of Administration INTESTATE.
Deliver on your best intentions. ensure a legacy that’s rich in family and happiness.
Carlson & Copeland, PLLC Attorney Patrick R. Carlson.
Josh Copeland Carlson & Copeland, PLLC September 20, 2011.
 Not a real trust; just an account at a bank, credit union, or other financial institution.  “A in trust for B.”  “A, trustee for B.”  Other terms:
© 2003 The McGraw-Hill Companies, Inc., All Rights Reserved Chapter 15 Estates And Trusts.
P LANNING FOR Y OUR R ETIREMENT Textbook Chp 7.2 pg 237.
Canadian Islamic Wills
No Assignments this week!! Just the Discussion board!! Yay – no Homework!!!!
Important Information for financial professionals By using this communication you agree to the following: This communication is provided to you by Principal.
Frank & Kraft, Attorneys at Estate Planning Essentials Essential Components of a Basic Estate.
Build, Preserve & Transfer Wealth Favretto Financial Services Inc.
Getting Your Affairs In Order: 5 Essential Documents Presented to University of Washington By UW CareLink Faculty and Staff Assistance Program.
Estate Planning Presented by Richard Rizzo, CPA CA Tax Partner June 6, 2016.
Learning Objective # 4 Appraise various types of trusts and estates. LO#4.
OVERVIEW OF THE FUNCTIONS OF THE PUBLIC TRUSTEE/ ADMINISTRATOR GENERAL July 2016.
Classification of Trusts, the Living Trust, and Other Special Trusts
Personal Finance Estate Planning
Basic Knowledge Of A Will
Avoiding Probate & MAKING YOUR ESTATE EFFECTIVE
Planning for the future
An Exciting New Service
The Participants and the Proper Court
ESTATE PLANNING MY LIFE MARRIED.
Estate Executors: appointing and being appointed
Estate Planning – Tips, Traps and Tricks
Iowa Medicaid Estate Recovery
Payment and Recovery of Tax
Presentation transcript:

Administering a deceased estate Robert Monahan | Consultant 13 June 2014

Estate Planning 1.Ensuring that: 1.The right assets; 2.Get to the right people; 3.At the right time; 4.In the right way; 2.Minimising the impact of the death on the living.

What happens to your assets when you die? You can’t take them with you!

What happens to your assets when you die? Vest in your legal personal representative

Who is your legal personal representative? Generally the LPR is:  An Executor, or  An Administrator

Role of legal personal representative? 1.Funeral Arrangements 2.Secure assets. Notify Banks and authorities 3.Locate Will (if any) 4.Apply for grant – eg Probate (if necessary) 5.Determine beneficiaries

Role of legal personal representative? 6.Collect the assets 7.Ensure all debts and claims are received, assessed and paid. Defend litigation if necessary. 8.Preparation and management of accounts 9.Prepare and lodge tax returns 10.Distribute assets according to Will, including manage any longer term trusts

Estate Planning 1.Ensuring that: 1.The right assets; 2.Get to the right people; 3.At the right time; 4.In the right way; 2.Minimising the impact of the death on the living.

Golden rule

Minimising Impact of death on living 1.Accept our own mortality – get affairs in order 2.Legal consequences of death 3.Practical consequences of death 1.Pre-death steps if you have notice 2.Life support – Organ donation - Funeral arrangements 3.Contact list – OFF (offices family friends) 4.Summary of assets and liabilities

Minimising Impact of death on living 3.Practical consequences of death 4.Summary of assets and liabilities o Lead advisor o Keep up-to-date o Information can save time and money o Digital assets 5.Funds available for: o Funeral o Dependants

Minimising Impact of death on living 3.Practical consequences of death 6.Tax issues o Options o Estate trust for 3 years – own TFN o Multiple trusts – each have own TFN

Who should be executor or trustee 1.What is the difference? 2.Who should it be?

Who should be executor or trustee 1.What is the difference? 2.Executor – individual(s) or licensed trustee 3.Trustee – individual(s) or licensed trustee or corp trustee. 4.Who should it be? 1.Family member 2.Friend 3.Professional 4.Consider a ‘governor general’

Who should be executor or trustee 1.What is role of ‘governor general’? 2.Effectively an ‘appointor’ 3.Section 75A Probate & Administration Act Section 6 Trustee Act 1925

Any Questions??? ..

Administering a deceased estate Robert Monahan| Direct From 1 July