Besides knowing how property is owned, skillful estate planning requires that practitioners know the various devices by which property ownership can be changed. Wills and trusts are the tools of choice for estate planners looking to arrange the transfer of property.
This section looks at estate planning tools of the trade. It prepares you for the next section, which delves into the estate planning process. Your goals for this section are to develop a basic understanding of:
- The meaning of "probate" and its relevance to the estate planning process.
- The different forms of property ownership, and how to arrange property ownership to meet estate planning goals.
- The marital deduction and how to maximize its advantage in an estate plan.
- Wills and the problem of dying without one.
- Trusts and the various roles they play in estate planning.
- The irrevocable life insurance trust and its special place in an estate plan.
