Categories: Estate Planning/Elder Law
Instructor(s) Heiner, Liz
This course studies the use of trusts from the perspective of both the drafting attorney and the trustee who administers the trust. First, it uses hypotheticals based on common estate planning situations such as tax planning, providing for children, and planning for beneficiaries who may be incompetent or otherwise disabled to explore issues and problems that frequently arise in an estate plan, and to find drafting solutions for them. Second, it looks at practical problems in the implementation of estate plans issues that arise in disposition of property, interpretation of trust language, management of trust assets, selection of a trustee, powers of the trustee, and determining who the lawyer represents (entity, fiduciary, or beneficiaries) and identifies drafting and administrative solutions.
Limit: 12 students; T&E I required.
Learning Outcomes – By the end of this course, students should:
1. Demonstrate proficiency in drafting basic testamentary and revocable trusts for individuals, children and families.
2. Understand the purposes, advantages and disadvantages of basic trusts in estate planning.
3. Possess a general understanding of how income, estate and gift tax impact trust drafting.
4. Understand how trusts interact with other estate planning documents (wills, powers of attorney, marital property agreements and beneficiary forms).
5. Understand the duties and powers of a trustee.
6. Analyze how ambiguities in trust language create issues for trustees and beneficiaries in interpreting and administering a trust.
7. Identify when and how to modify or terminate a trust by drafting nonjudicial settlement agreements and court petitions.