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The Executor's Guide

Exam Questions: 100
Course Level: Basic
Pages: 544 | Content: 448, Supplemental: 96
NASBA Area of Study: Finance
Not Acceptable for: Enrolled Agents
Version: 8025

This course will guide you through the legal landscape of acting as an executor, including procedures and terminology. It will address topics such as preparing to be an executor or trustee, making sense of a will, determining whether probate is necessary, handling simple trusts, and navigating probate court proceedings. It will provide guidance on filing taxes and working with the lawyers, appraisers, and other experts involved in the process. 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
  • Overview
  • If You're Asked to Be an Executor or a Trustee
  • The First Week
  • The First Month
  • Claiming Life Insurance, Social Security, and Other Benefits
  • Making Sense of the Will
  • If There's No Will
  • Taking Inventory
  • Managing Assets and Paying Bills
  • Caring for Children and Their Property
  • Taxes
  • Property that Doesn't Go Through Probate
  • Transferring Joint Tenancy and Other Survivorship Property
  • Transferring Community Property
  • Claiming Money in Retirement Plans
  • Claiming Payable-on-Death Assets
  • Special Procedures for Small Estates
  • The Regular Probate Process
  • Wrapping Up a Simple Living Trust
  • Managing a Child's Trust
Objectives
  • To recall the duties of an executor
  • To recognize who is allowed to serve as an executor
  • To recognize the burial benefits available to eligible U.S. veterans
  • To identify the various forms of joint ownership
  • To recognize the simplest type of life insurance
  • To recognize examples of property that can be legally passed through a will
  • To recall who can inherit under intestate succession laws
  • To identify the types of property that qualify as real estate
  • To recall the length of a typical probate proceeding
  • To recall at what age guardianships typically end
  • To recognize which gifts are exempt from taxation
  • To identify the types of property that do not need to go through the probate process
  • To identify the items included in an Affidavit of Survivorship
  • To identify the community property state that utilizes the spousal property petition
  • To recognize the age at which individuals must take required minimum distributions from their retirement accounts
  • To recall the types of property people name payable-on-death (POD) beneficiaries for
  • To recognize how small estates are defined
  • To identify the most common type of probate proceeding used in Uniform Probate Code states
  • To recall what the creator of a trust is referred to as
  • To recognize the law that allows a trustee to allocate traditional income to principal or principal to income

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.