CFP Estate Planning

Question 1

Elements of a Trust

Answer 1

1. Must be property (corpus)
2. Must be a grantor
3. Must be a trustee, who receives legal title to property, and manages trust
4. Must be a bene
5. Grantor and trustee must be legally competent

Question 2

Is TBE available in community property states?

Answer 2

NO

Question 3

JT, TBE, TIC - which are subject to probate and which can be disclaimed

Answer 3

JT - not subject to probate, CAN be disclaimed

TBE - not subject to probate, CANNOT be disclaimed

TIC - subject to probate, CAN be disclaimed