A Step-By-Step Guide to Estate Administration
Designed for attorneys who are new to estate administration or need a basic refresher, this course will provide you with a comprehensive overview of estate administration, including proper asset valuation and distribution, taxation, and account closing procedures. You'll also learn how to correctly deal with thorny estate administration debt issues, including jointly held assets, business ownership and complex tax issues. Equip yourself with real-life, practical knowledge to ensure you are fully prepared to handle the entire estate administration process from start to finish - register today!
- Learn how to meet every deadline, follow procedures and complete essential forms.
- Identify key estate administration pitfalls you need to avoid.
- Acquire strategies to ensure you can help your clients through every step of the probate process.
- Manage your client's entire estate administration procedures properly and effectively.
- Learn how to tackle complex estate administration issues such as tax issues, jointly held assets and will contests.
- Understand how to properly transfer and distribute assets.
- Explore proper procedures and processes when dealing with insurance claims and debt during estate administration.
- Gain a better understanding of the probate court's procedures so that you can avoid common pitfalls and mistakes.
- Get the latest information on allowances and elections against the will.
- Identify how to properly distribute assets to minors, surviving spouses and trusts.
- COMMENCEMENT OF PROCEEDINGS AND INFORMATION GATHERING
8:30 - 9:20, Written by Matthew A. Baldridge and Stacie E. Zorn. Presented by Stacie E. Zorn in Biloxi, S. Gray Edmondson in Southaven and Matthew A. Baldridge in Jackson.
- Appointment of Estate Administration
- Formal vs. Informal Proceedings
- Sample Letters of Authority
- First Meeting With Family or Designated Personal Representative and Determination of Heirs
- Written Fee Agreements
- Tips to Locate Information Quickly Using Online and Government Resources
- INITIAL STEPS TO THE ESTATE ADMINISTRATION PROCESS
9:20 - 10:05, Written by Barry K. Jones. Presented by Haidee L. Oppie Sheffield in Biloxi, Gwendolyn Baptist-Rucker in Southaven and Barry K. Jones in Jackson.
- Understanding the Laws of Intestacy
- Sample Estate Administration Checklists, Forms and Required Notices Needed
- Interpreting Provisions and Terms of Art Found in Wills
- Using Disclaimers Correctly
- MARSHALLING ASSETS
10:20 - 11:05, Written by Barry K. Jones. Presented by Paul M. Newton Jr. in Biloxi, Joyce H. Sealand in Southaven and Barry K. Jones in Jackson.
- Procedures to Locating and Marshalling Probate and Non-Probate Assets
- Safe Deposit Boxes and Bank Accounts
- Real Estate
- Brokerage Accounts, 401Ks, IRAs, Pensions and Life Insurance Policies
- Sample Forms and Documents Needed
- Appraisers and Valuing the Property of Probate Estates
- HANDLING CREDITOR CLAIMS AND DEBT
11:05 - 11:55, Written by Joseph Q. White Jr. Presented by Joseph Q. White Jr. in Biloxi, S. Gray Edmondson in Southaven and Andrea R. Barnes in Jackson.
- Sample Forms and Required Notices Needed
- Priority and Payment of Claims
- Late Claims and Contested Claims
- Steps to Ensure all Debt is Located and Handled Correctly
- What if the Assets Don't Cover the Bills?
- Bankruptcy and Foreclosure
- Selling of Assets and Properly Dealing with Creditors
- COMPLEX ISSUES IN ESTATE ADMINISTRATION
12:55 - 1:45, Presented by Stacie E. Zorn in Biloxi, Brandon C. Dixon in Southaven and Cody W. Gibson in Jackson.
- Jointly Held Assets
- Spousal Claims
- Allowances and Elections Against the Will
- Handling Unmarried Couples and Stepchildren
- Will Contests, Trust and Estate Disputes
- Business Ownership
- Agency Problems Involving Guardianships, Conservatorships, Powers of Attorney or Other Agency Relationships
- HANDLING ESTATE ADMINISTRATION TAX ISSUES
1:45 - 2:35, Written by Haidee L. Oppie Sheffield. Presented by Haidee L. Oppie Sheffield in Biloxi, Brandon C. Dixon in Southaven and Heather White Martin in Jackson.
- Examples of Forms Needed
- Federal and State Estate Tax Considerations
- Income Tax Issues for the Estate and the Heirs
- Resolving Disputes With Taxing Authorities
- Deductions and Exemptions
- How Current Federal Estate Tax Laws Affect Your Estates
- Tax Deadlines and Handling Extensions
- Sales of Real Property
- DISTRIBUTION AND CLOSING OF THE ESTATE
2:50 - 3:40, Written by Pamela L. Hancock. Presented by Joseph Q. White Jr. in Biloxi, Joyce H. Sealand in Southaven and Pamela L. Hancock in Jackson.
- Sample Forms, Agreements and Documents Needed
- Proper Transferring and Distribution of Probate and Non-Probate Assets and Timing of Distributions
- Real Estate
- 401Ks, IRAs, Pensions and Life Insurance Policies
- Distribution of Miscellaneous Assets (Automobiles, Jewelry, Etc.)
- Distributions in Kind
- Distribution to Minors, Surviving Spouse and Trusts
- Disposition of Unclaimed Assets
- Proper Settlement of the Estate
- Formal and Informal Estate Accountings
- Choosing the Appropriate Closing Procedure
- Compensation and Discharge of the Personal Representative
- ETHICS AND ESTATE ADMINISTRATION
3:40 - 4:40, Written by Stacie E. Zorn. Presented by Stacie E. Zorn in Biloxi, Joyce H. Sealand in Southaven and Pamela L. Hancock in Jackson.
- Breach of Fiduciary Responsibility
- Avoiding Conflicts of Interest
- Attorney-Client Privilege
- Fee Agreements
This basic-to-intermediate level seminar is designed for professionals who want to be more effective in the estate administration process, such as:
- CPAs and Accountants
- Financial Planners and Wealth Managers
- Tax Planning Specialists
- Trust Officers
- Tax Preparers