June: Estate Planning Foundation Course
This course introduces Will Writing and discusses in detail the use of Will-based Trusts. It outlines the use of Discretionary Trusts, Pilot Trusts and Asset Protection Trusts. On completion of this course you can confidently advise, explain and utilise Trusts, enabling you to provide a bespoke Estate Planning service to suit your client’s individual needs.
The course provides a practical introduction to making Lasting Powers of Attorney, identifying the parties involved. Registering Lasting Powers of Attorneys, drafting restrictions and conditions, together with avoiding errors and negligence.
As part of the Training program you will be required to complete practical assignments using a Training version of the Countrywide Legacy Software. Access to this software will be provided to you before the end of Session 1.
Please note the software is only compatible with Windows based machines and will not operate on a Mac.
Course Session Details
- Who are CW and how do we work
- Why you should make a Will
- Intestacy
- What constitutes the client estate
- Roles within the Will
- What are the rules on validity of a Will
- Mental Capacity
- Legacies
- Residue
- Powers in the Will
- Codicils and alterations to a Will
- Ownership of assets
- The problems of basic Wills
- Questions
- Practical Assignment
- Threats to wealth
- Trust basics in a language the client understands
- How threats can be mitigated by a Trust
- Information required to draft a Trust
- Types of Trust
– Trusts for children
– Discretionary Trusts
– Life interest or IIP (Interest in Possession Trust)
- Compare Life interest with IIP trust
- Trustees, what do they do and who should the client appoint
- Bloodline planning
- Use of loans
- Care Act 2014
- The Probate Preservation Plus Trust (PPPT)
- NRB and RNRB (the tax free allowance)
- The modified Discretionary Trust
- Some client solutions
- Questions
- Practical Assignment
- Multiple ‘Sibling’ Trusts
- Spousal / Civil Partners IHT exemption
- Married couple solution
- Tax deferral
- Short introduction of how to deal with Business and Agricultural assets in the Will
- Is the Business or Agricultural status important or is flexibility more important
- Life assurance policies and Estate Planning
- Lasting Powers of Attorneys and their importance to your clients
- Document Storage
- Recap on the session
- Practical Assignment
- Risk
– What are the risks?
– How do we identify these?
– Who are we protecting?
- Software
– The process for submitting your first case
– The finance sheet
– How the risks are managed
– Electronic Points of sale documents
- Contracts
- Introduction to BEST Foundation
- Tracking orders submitted to CTTC
- Software
- Q&A