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Estate Administration 101

presented by NBI, Inc.
View the NBI, Inc. Profile and Course Listings

Summary

Estate Administration 101

Workshop Description/Agenda

Walk through the Process and Clarify Key Tasks, Procedures, and Tools

Designed for attorneys who are new to estate administration or need a basic refresher, this course will provide you with a comprehensive overview of estate administration, including proper asset valuation and distribution, taxation, and account closing procedures. Equip yourself with real-life, practical knowledge to ensure you are fully prepared to handle the entire estate administration process - register today!

  • Learn how to meet every deadline, follow procedures and complete essential forms.
  • Identify key estate administration tasks and how best to perform them.
  • Understand how to properly transfer and distribute assets.
  • Clarify procedure and best practices for dealing with insurance claims and debt during estate administration.
  • Learn how to tackle top issues such as taxes, jointly held assets and will contests.
  • Gain a better understanding of the probate court's procedures so that you can avoid common pitfalls and mistakes.
  • Learn how to properly distribute assets to minors, surviving spouses and trusts.

This is a rebroadcast of the original webcast delivered by Sarah J. Barnes, T. James Lee and Chris Tymchuck on June 6, 2018. Faculty will be available to answer your questions after the program.

Agenda

10:00 am - 5:00 pm Eastern Standard Time

  1. PROBATE PROCEDURE OVERVIEW AND CASE INTAKE
    10:00 - 10:45, Chris Tymchuck
    1. Overview of Probate Processes
      1. Full Probate Administration
      2. Summary Administration
    2. First Meeting with Family or Designated Personal Representative
    3. Fee Agreements
    4. Online and Government Resources for Locating Information
    5. Ancillary Administration
  2. INITIAL ESTATE ADMINISTRATION STEPS
    10:45 - 11:15, Chris Tymchuck
    1. Intestate Estates
    2. Determination of Heirs
    3. How Provisions and Terms of Art Found in Wills are Commonly Interpreted
    4. Correct Use of Disclaimers
  3. ASSETS COLLECTION AND MARSHALLING
    11:30 - 12:00, Sarah J. Barnes
    1. Procedures to Locating and Marshalling Probate and Non-Probate Assets
      1. Safe Deposit Boxes and Bank Accounts
      2. Real Estate
      3. Brokerage Accounts, 401Ks, IRAs, Pensions and Life Insurance Policies
    2. Sample Forms and Documents Needed
    3. Appraisers and Valuing the Property of Probate Estates
  4. CREDITOR CLAIMS AND EXPENSES IN ESTATE ADMINISTRATION
    12:00 - 12:45, Sarah J. Barnes
    1. Understanding the Claims Period
    2. Presentation of Claims Against the Estate
    3. Assets Subject to Claims
    4. Priority and Payment of Claims
    5. Contested Claims
    6. Insolvency and Foreclosure
    7. Selling Assets and Dealing with Creditors
    8. Sales of Real Property
  5. COMMON ISSUES IN ESTATE ADMINISTRATION
    1:15 - 2:00, Sarah J. Barnes
    1. Jointly Held Assets
    2. Spousal Claims: Allowances and Elections Against the Will
    3. Unmarried Couples and Stepchildren Issues
    4. Will Contests, Trust and Estate Disputes
    5. Business Ownership
    6. Agency Problems Involving Guardianships, Conservatorships, Powers of Attorney or Other Agency Relationships
  6. ESTATE ADMINISTRATION TAX BASICS
    2:00 - 3:00, T. James Lee
    1. Tax Reform Update
    2. Examples of Forms Needed
    3. Overview of Estate Tax Valuation
    4. Properly Filing and Payment of Federal Estate Tax Returns
    5. Federal Income Tax Issues for the Descendent and the Estate
    6. Resolving Disputes with Taxing Authorities
    7. Deductions and Exemptions
    8. How the Generation-Skipping Transfer Tax Affects Your Clients
    9. Tax Deadlines and Handling Extensions
  7. DISTRIBUTION AND CLOSING OF THE ESTATE
    3:15 - 4:00, T. James Lee
    1. Sample Forms, Agreements and Documents Needed
    2. Proper Transfer and Distribution of Probate and Non-Probate Assets and Timing of Distributions
      1. Real Estate
      2. 401Ks, IRAs, Pensions and Life Insurance Policies
      3. Distribution of Miscellaneous Assets (Automobiles, Jewelry, Etc.)
    3. Distributions in Kind
    4. Distribution to Minors, Surviving Spouse and Trusts
    5. Disposition of Unclaimed Assets
    6. Proper Settlement of the Estate
      1. Formal and Informal Estate Accountings
      2. Choice of Appropriate Closing Procedure
      3. Compensation and Discharge of the Personal Representative
  8. ETHICS AND ESTATE ADMINISTRATION
    4:00 - 5:00, Chris Tymchuck
    1. Breach of Fiduciary Responsibility
    2. Avoiding Conflicts of Interest
    3. Attorney-Client Privilege
    4. Fee Agreements

Who Should Attend

This legal program is designed for attorneys. It will also benefit CPAs and accountants, wealth managers, tax specialists, trust officers, and paralegals.

Additional Information

Training Provider: NBI, Inc.

Course Topics: Law Training > Probate

Training Course Summary: Estate Administration 101


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