Estate and Trust Administration

Exam Questions: 100
Course Level: Basic
Pages: 448 | Content: 398, Supplemental: 50
NASBA Area of Study: Finance
Not Acceptable for: Enrolled Agents
Version: 7190B

This course will provide valuable information to those who find themselves appointed as executor, administrator, or personal representative of an estate, or as a trustee of a trust. It provides a roadmap for completing the task in the most efficient way possible. You will find advice on what to do, and what not to do, as you acquire, manage, and dispose of assets that belong to the estate or trust you are administering.

Trust and estate administration covers a lot of ground and can be very complex. This course is divided into the following four sections and will define many terms and types of trusts along the way to try to simplify the process: (1) Getting Started with Estate and Trust Administration; (2) Administering an Estate; (3) Operating a Revocable or Irrevocable Trust; and (4) Paying the Taxes. PLEASE NOTE: Not accepted for Enrolled Agents. All course material provided. No prerequisites. Course level: Basic.

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Course Information

Table of Contents
  • Operating in a Fiduciary World
  • Exploring the Ins and Outs of Estates
  • Identifying Different Types of Trusts
  • Assembling Your Team Members and Knowing When to Use Them
  • Taking the First Steps after Death
  • Navigating the Probate Process
  • Marshalling and Liquidating Assets
  • Paying the Debts, Expenses, Bequests, and Devises from the Estate
  • Closing the Estate
  • Understanding the Trustee's Duties
  • Funding the Trust
  • Investing the Trust's Assets and Paying Its Expenses
  • Paying Trust Beneficiaries
  • Creating and Keeping Trust Records
  • Terminating the Trust
  • Preparing the Estate Tax Return, Part 1
  • Preparing the Estate Tax Return, Part 2
  • Filing Income Tax Returns for a Decedent, Estate, or Trust
  • Weighing Income Tax Implications
  • Reporting Tax Info on Schedule K-1
  • To recognize the various participants in the fiduciary world
  • To identify different types of wills
  • To identify different types of trusts
  • To recall when and how to use various outside professionals in fulfilling the duties of the executor or trustee
  • To recall the period covered by a power of attorney
  • To identify the different characteristics of probate
  • To recognize the various assets that need to be identified and how to value them
  • To recall the various items that are paid out of an estate
  • To identify items that must be taken care of in closing an estate
  • To identify a trustee's duties
  • To recognize how to transfer assets into a trust
  • To recall the trustee's options in investing the trust's assets
  • To identify how much to distribute to income beneficiaries
  • To recognize some of the document requirements for trusts
  • To identify who assets get distributed to when terminating a trust
  • To recognize some of the various forms that need to be filed when filing an estate return
  • To identify where various items are included on Form 706
  • To recall some of the items to be included when filing income tax returns for a decedent, estate or trust
  • To recognize some of the tax planning characteristics for estates and trusts, including the net investment income tax
  • To recall how to report estate and trust income distributions to beneficiaries

PLEASE NOTE: CPE credit measurement is based on NASBA Registry and QAS guidelines of one credit for every 50 minutes. Credit calculation may vary in different states — check with your State Board of Accountancy. Unless otherwise noted in the specific course description, no advanced preparation is required in order to register or complete any PES CPE course. Use of materials or services provided by Professional Education Services, LP ("PES") are governed by the Terms and Conditions stated on PES' website www.mypescpe.com. PES provides these courses with the understanding that it is not providing any accounting, legal, or other professional advice and assumes no liability whatsoever in connection with its use. PES has used diligent efforts to provide quality information and material to its customers, but does not warrant or guarantee the accuracy, timeliness, completeness, or currency of the information contained herein. Ultimately, the responsibility to comply with applicable legal requirements falls solely upon the individual licensee, not PES. PES encourages you to contact your state Board for the latest information and to confirm or clarify any questions or concerns you have regarding your duties or obligations as a licensed professional.